Tata Group owned Titan Co Ltd has recently announced its entry into the eCommerce space for its eyewear brand Titan Eye Plus. The company has also hinted an aggressive expansion to increase its market share despite a sluggish growth.
In its quarterly update to the BSE, the company said that the eyewear division is committed to increasing its market share further through aggressive geographical expansion and a calculated foray in eCommerce space.
Despite a few operators has gained market share, over the years, profit graph in the eyewear market has experienced a significant slowdown. Country’s eyewear market is largely dominated by local players with few organised retail chains like Lawrence and Mayo, Dayal Opticals and Titan Eye Plus.
Online retailers such as Lenskart are now aggressively setting up offline stores to eat into market share of traditional retailers. During the second quarter, Titan's eyewear division added 11 Titan Eye Plus and closed 9 Spexx stores.
Titan has been consistently shutting down its Spexx stores, which is a small-format eyewear store attached to a large multi-specialty hospital. In the first quarter of this fiscal it had shut 7 Spexx stores. Although the festive season is around the corner, Titan Co, which sells jewelery under Tanishq brand, said low consumer confidence in conjunction with volatility in gold prices continues to dampen the demand for gold as an investment class.
As per the company, the industry would have declined by an average of 15-20 per cent over the calender year, and the gold imports into the country are lowest since fourth quarter of 2013.