Titan Eyes Plus – huge range of lenses & glasses | Titan company.
Titan Eye Plus To Foray Into E-commerce
Tata group firm Titan Co Ltd today said its eyewear brand Titan Eye Plus will foray into e- commerce space and expand aggressively to increase its market share amidst slowing growth.
“The (Eyewear) division is committed to increasing its market share further through aggressive geographical expansion and a calculated foray in e-commerce space,” Titan said in its quarterly update to the BSE.
Online retailers like Lenskart are also setting up offline stores to eat into market share of traditional retailers.
Although the festive season is around the corner, Titan Co, which sells jewelery under Tanishq brand, said low consumer confidence in conjunction with with volatility in gold prices continues to dampen the demand for gold as an investment class.
“Our understanding is that 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,” the company said.
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It’s Time For Change In Duty Structure: Titan Eye Plus
Titan Eye Plus has called for a change in the duty structure of spectacle frames to encourage branded manufacturing.
The prescription eyewear division of Titan Industries entered lens manufacturing two years ago for its in-house brand. But it has stayed away from manufacturing frames. The division imports all its frames from Italy, Japan, Germany and China.
“Currently, it is more expensive to manufacture branded spectacle frames in India than to import, due to the central excise that is levied on the end product,” said Mr Jagannath N, Head – Manufacturing and Supply Chain Management, Eyewear Division, Titan Industries.
Branded finished products are levied a central excise of 4 per cent (for frames costing less than Rs 500) to 10 per cent. However, unbranded wholesale frames are charged central excise only on the manufacturing cost. “This is irrational,” said Mr Jagannath.
The duty should be charged on the manufacturing cost and not on the price of the finished product even for branded players, said Mr Jagannath. “Till now there has not been much frame manufacturing in India and most of it is imported. Tweaking the central excise structure will encourage more branded players and retailers to enter the fray. This could eventually make it cheaper for consumers.”
On whether Titan will look into frame manufacturing if this happens, Mr Jagannath said it is “a question of time.”
According to a partner in a prominent Chennai-based optical retail chain, frame and lens manufacturing involves high technology and precision. Currently, there are a few frame manufacturers, mostly based in Gujarat. Among the lens makers, Essilor and Titan are the big players with manufacturing plants in near Bangalore.
Titan Eye Plus Opens New Stores In Kolkata
Titan Eye Plus, the third major line of business from Titan Industries, on Wednesday opened two new stores in Sodepur and Barrackpore in the northern suburbs of Kolkata.
V. Ganesh, Vice President, East Zone, Titan Industries Ltd inaugurated the store along with R Sharad, Head Retail, Eyewear Division and Bengali actor Debllina Dutta.
Ganesh said, “We are focused on increasing our retail system in the eastern part of India. Kolkata being the center of East India holds a great significance in our retail expansion plans.
“Titan Eye Plus is pleased to announce the opening of its two new stores store in Kolkata. Today, we have 32 stores in the East India and 18 stores in West Bengal offering world class service complimented by world class products.”
On this occasion Titan Eye Plus announced a 20pc discount offer on all frame collections as well as Titan Lens products.