Titan Eye Plus targets 30 percent rise in sales this fiscal

Titan Eye Plus, a part of Titan Company is aiming to achieve a 30 percent

revenue growth in the current fiscal. Focusing on sunglasses segment is also on its agenda this summer. According to experts, the sunglasses market in India is estimated to be around Rs 1,000 crores and growing at 15 percent every year.

The company witnessed a growth of 20 percent in sunglasses category last year. Now the company is working on innovating its product offerings apart from renovating the sunglasses section in the Titan Eye Plus stores. The company has introduced 70 new models under 'Glares' brand this summer. Sunglasses in the Titan Eye Plus stores are priced between Rs 500 to Rs 30,000. Apart from in-house labels like Fastrack and Glares, the company also sells international brands like RayBan, Vogue, Espirit, Tommy Hilfiger, Mont Blanc and Bvlgari.

In 2012-13, the eye wear (Titan Eye Plus), accessories and precision engineering businesses contributed Rs 414 crores to Titan Industries' total revenue of Rs 10,213 crores, an increase of 25.9 percent over the previous year. The company will also add up to 60 new stores this fiscal to the existing network of over 270 stores across India.

The company will also build a new manufacturing facility for lenses in north India by 2014 to improve faster delivery of finished products. At present, all of Titan Eye Plus lenses are sourced from its manufacturing plant in Bangalore.