Did you know the Indian eyewear market is expected to grow at more than 9% CAGR? According to a report by Deloitte, it will reach $13.6 bn by 2024 owing to the strong markets and growing economy. Obviously, the share is between India’s 20% organized and 80% unorganized eyewear markets.
Some brands have set their foot strong in both markets. In the previous blog, “5 eyewear chains in India making their mark online and offline 1.0″, we shed light on fast-growing brands, but here we’ll be talking about eyewear giants.
Although the organized eyewear market may seem small compared to the unorganized market, these eyewear & retail chain giants contribute heavily with hundreds of stores across India. Without any further ado, let’s begin the rundown.
Lenskart
For this unicorn eyewear brand, the sky is not the limit. They have marked their presence not only in every nook and corner of India but also in the US, Singapore, and UAE. In 2023, they opened more than 2,000 retail outlets in India and other countries. Their aggressive marketing has made them the go-to brand for millennials and Gen Z. Approximately 7 million people visit their eCommerce website monthly, taking their revenues to billions.
In 2010, IIM Bangalore alumni Peyush Bansal laid the foundation of the eCommerce startup Lenskart. They have raised $774 million in 11 funding rounds, leading to their massive expansion.
Coming to their manufacturing capacity, their Delhi-based manufacturing unit produces more than 3 lakh frames per month. Another 20% of their manufacturing processes are at their China-based manufacturing unit.
Titan Eye+
Next in line is Titan Eye+, an eyewear venture of Tata Company. It was initiated in March 2007 to redefine the Indian prescription eyewear industry with greater quality standards. By 2022, they have over 900+ outlets in Mumbai, New Delhi, Bangalore, Hyderabad, Ahmedabad, Chandigarh, Chennai, Pune, Kolkata, and Cochin. This year, they are expected to touch a benchmark of 1000 stores in India.
Regarding their revenue, both 2021 and 2022 have remained profitable for Titan Eye+. The former year reported an INR 8 crore profit that scaled to Rs. 38 crore in the following year. The company is looking forward to an equally profitable year 2023.
Along with prescription eyewear, Titan Eye+ is also innovating products like audio sunglasses, virus-protective glasses, and lenses. After all, giving away discounts is the only way to stay competitive. Especially when they hold a 5% market share, their competitor Lenskart has a 25% market share.
Titan Eye+ is all about quality, reliability, and innovation.
Reliance Vision Express
The origin of Vision Express goes back to 1988. The first Vision Express store opened at the MetroCentre, Gateshead. In 1993, they acquired seven of the LensCrafters stores. Thirty years since their first store, they operate 550+ stores across the UK and Ireland. They have stores in the UK, Ireland, Poland, and India in partnership with Reliance Retail Limited, making them a world-leading optical chain. Reliance Vision Express has 160+ stores in 30+ cities in India.
Competing with leading optical chains globally, Vision Express has a massive collection of trending eyewear designs. Being a part of the EssilorLuxottica group, Vision Express can offer the latest collections from popular brands of EssilorLuxottica, such as Ray-Ban, Oakley, Gucci, Bvlgari, Armani Exchange, Versace, Tomford, Puma, Prada, David Beckham Eyewear, and many more.
They operate multiple domain eCommerce stores for the UK (https://www.visionexpress.com/), Ireland (https://www.visionexpress.ie/), Poland (https://visionexpress.pl/), and India (https://www.visionexpress.in/).
Himalaya Opticals
Himalaya Optical, established in 1935, is one of India’s most significant and fastest-growing optical retail chains. A legacy optical chain business is passed on to the 4th generation of the Binani family. The Kolkata-based company offers primary eye care and eyewear solutions such as eyeglasses, contact lenses, prescription sunglasses, premium sunglasses, eyewear accessories, home try-ons, and eye examination services.
With 400+ professionals in over 100 stores across the length and breadth of the country, the brand name is quite popular. As the largest optical network in India, they also have an effective eCommerce store to serve netizens.
Gangar Eyenation
Another popular name in the optical retail chain domain is Gangar Eyenation. They have a vast expanse, particularly in the west and southwest of India, spanning across states like Maharashtra, Gujarat, Madhya Pradesh, Karnataka, and Goa.
Gangar Eyenation is a 40-year-old legacy brand name established in 1977 with one store. Today, they have 60+ stores in India. Approx fifteen thousand people visit their website every month. Their operating revenue by 31st March 2022 ranges from INR 1cr to 100 cr.
Although the brand follows an online and offline business model, its major emphasis is on delivering informed eyewear solutions for which a strong offline channel is imperative. In an interview, one of the directors of Gangar Eyenation, Mr. Jigar Gangar, said eyewear is a paramedical industry wherein prescribing correct eye care solutions is difficult online. Therefore, they offer & recommend in-store eye testing and buying.
Lawrence & Mayo
A truly legacy brand, Lawrence & Mayo celebrates 146 years of excellence in opticals and eyewear. The history of the brand is riveting. H R H Queen Mary, Mahatma Gandhi, Pandit Jawaharlal Nehru, Rabindranath Tagore, JRD Tata, and many other royals and political diplomats have adorned Lawrence & Mayo eyewear. Many of India’s freedom movement activists have been their customers.
Lawrence & Mayo stands tall as one of the largest eyewear retailers in India. Their network of 100+ retail outlets is spread across 30 cities in India. With a diverse product range, they serve the needs of premium and budget buyers.
Their eCommerce module sells frames, contact lenses, prescription lenses, and sunglasses in premium, branded, and budget brands. The fourth-generation family business is steadily expanding its widespread roots in India.
Wrap up
As we know, India is a massive geographic landscape with so much diversity in every direction. While some eyewear and retail brands have established a strong presence in particular zones such as North, South, East, and West, some brands like Lenskart, Titan Eye+, and Vision Express are penetrating India’s Tier 2 & 3 cities. As they pave their way in the unorganized eyewear market, how will it impact small and midsized opticians? Share your thoughts in the comments.
