Lawrence & Mayo to extend portfolio

Lawrence & Mayo which has been into the business of retailing

eyewear since 135 years, plans to extend its portfolio and venture into pens and watches. Although the process of manufacturing will be outsourced, the company will draw its own designs. The pens are expected to hit the market by the end of the month while the watches in next three to four months.

Lawrence & Mayo currently a Rs 112 crores company expects to grow its revenue by 12 per cent this year. Spectacles contribute to 60 per cent of total revenue while 20 per cent comes from contact lenses and sun glasses. Apart from established brands, it also sells spectacles, sun glasses and contact lenses under its own brand name -- Lawrence & Mayo. The revenue from own brands is 6-7 per cent and 8-10 per cent in volume. The introduction of pens and watches will add to 3-5 per cent to its turnover. The pens will be sold Rs 11,800 onwards while the watches will be sold at Rs 3,500 upwards.

Targeting mostly Tier III, IV cities, it plans to open three showrooms a month and add about 25 stores this year at the cost of Rs 40-60 lakh per store. Currently, it has presence in 30 cities with 86 outlets. Most of the southern cities are already covered and now they are focusing on the northern market. The company will spend Rs 2.5 crores on marketing activities points out Marketing Director Vivek Mendonsa. Lawrence & Mayo looks forward to going public after crossing the 125-store mark.