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Reliance Retail To Launch Optical Chain Stores Under The Brand “Vision Express”
Posted by Pradeep Sadanapalli | July 10, 2008 | 1,286 views
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Loading ...Close on heels of the clearance of its proposal to invest in single brand front-end retail in India, the Netherlands-based Pearle Europe, is ready to soon unveil ““Vision Express””, a retail chain of eyewear and other optical products stores, under a joint venture with Reliance Retail – the Mukesh Ambani-led retail arm of Reliance Industries Limited.
The company’s proposal to bring in FDI (Foreign Direct Investment) was among the 28 such proposal cleared by the Union Finance Minister P Chidambaram on 4th July.
The two had signed an agreement to create a 50:50 joint venture in March, 2008. The joint venture will set up world class retail optical stores in India, which among others will offer a range of private label frames, lenses, sunglasses, contact lenses and solutions.
The first independent optical store is expected to be unveiled by Septembember this year.
Giving indication of the format and size, Bijou Kurien, President and Chief Executive (Lifestyle), Reliance Retail said that, while the first store will be opened by September, its size will be smaller than the jewellery stores set up by the group. The first store is slated to come up in Bangalore.
Reliance Retail has set up or is setting up independent retail chains with foreign partners like Apple (iStore), Marks & Spencer (M&S), Pearle Europe (Vision Express), Avery Dennison and Office Depot, among others.
Reliance is currently operating over 700 stores comprising 13 general and speciality formats across India.
Pearle Europe– a subsidiary of HAL Investments, a global investment company based in the Netherlands, operates 2,200 optical retail stores in 21 countries across Europe and the Middle East. It earned a revenue of over $1.7 billion in 2006.
HAL Investments also owns a number of optical retail chains in emerging markets, such as China, Russia, Turkey and Brazil.
The optical products market in India is highly fragmented and almost entirely controlled by small family owned unorganised retail players.
Only recently, Tatas owned Titan Industries, known for watches and jewllery, has begun to roll-out a retail chain of prescription eyewear products under the brand name of ”Titan Eye+” Titan has planned to to set up a chain of 300 Titan Eye+ stores and is targeting a turnover of Rs 450 crore in the next five years.
SOURCES:
IndiaRetailBiz
Topics: Business News |
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