Mukesh Ambani-led Reliance Retail Ltd (RRL) and partner Pearle Europe plan to open up to 700 stores of their eyewear retail chain 'Vision Express' across India in the next seven to eight years.
Vision Express is an equal joint venture (JV) between RRL and Pearle Europe, the biggest optical retail group in Europe. The JV presently operates 41 stores across major cities in the country.
"We want to have a network of 500-700 outlets of Vision Express over the next seven to eight years. That's the longer term outlook," Vision Express Chief Executive Officer, Guillame Brouwet said.
"India is a dynamic and strategic market in the optical retail segment. It's the best economy to do business in the next ten years," Brouwet said.
He said the Indian optical industry is estimated to be around $900 million and organised players have immense scopre for growth.
"India's optical goods and services industry is around $900 million and it is likely to double in the next ten years. About 95 per cent of the industry in India comprises independent store owners, so the organised retail chains like us have scope to grow exponentially," he said.
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Vision Express will continue to open company-owned stores with an average floor space of 800-900 sq ft.
Each store stocks up to 2,000 frames in the casual and formal eyewear category, while also offering eye-testing services, international brands at competitive prices, a year's warranty and lifetime free service. "We will penetrate into the interiors (of India) but not in the next two years," Brouwet said.
Pearle Europe, which has a presence in more than 25 countries with 2,600 stores, is open to expand in India in an inorganic manner.
Pearle Europe operates multiple optical retail companies and formats in seventeen European countries, four West Asian countries, one in Asia and two in Latin America, of which many have been through acquisitions.
"We are very much open to acquisitions in India if some opportunity comes up. But we are not discussing anything at present," Brouwet said.