Reliance has an eye on optics

Reliance Vision Express, the 50:50 JV between Mukesh Ambani’s Reliance Retail and Pearle Europe,

is looking to expand its base domestically to tap the existing potential of the Indian eyewear industry. The year old company is targeting both metros and Tier I and Tier II cities like Indore, Bhopal, Nasik, and Nagpur with the aim of capturing the mid-market population. The eyewear range offered by them starts at Rs 449 and goes up to Rs 6,000. They have recently launched their European Summer Sunglass Collection ’10. The new collection offers 280 distinct styles. The styles include classics in plastic frames as well as in metal. This range is priced at Rs 399 plus and the collection is available at all Vision Express stores across the country.

The density of opticians in Tier I and II cities is low and there is a huge opportunity to develop the customer base. For every 1.5 lakh people there is only one optician. The optician market in India is worth $900 million, of which only five per cent belongs to the organized sector. Reliance Retail’s Vision Express is aiming to solidify its position as a market leader by 2012 and become a favored destination for people who want quick and efficient solutions and eyewear that’s trendy, contemporary and stylish. The target is to open 60 to 70 stores every year in the country. Right now, Vision Express has 50 stores across India and intends to open one new store every 10 days.