To achieve a greater technological edge, watch maker Titan Co Limited’s eye care division is looking for partners for its eye care brand. The company plans to do so by either investing in entities that bring strong technical capabilities or acquiring them, a senior executive told Mint.
Saumen Bhaumik the chief executive of the eye-care division of Titan said the company is “open to" any inorganic opportunities it may spot in the market.
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Bhaumik emphasised on the company's desire for an investment with a technological orientation and said “Our exploration would be in the space which brings in a little bit of a tech orientation. As I said, this is an exploration. We’ll continue to explore whatever fits the scheme of things".
Titan's eye care division operates the optical retail chain Titan Eye+, which sells prescription eyewear and lifestyle products under brands like Titan, Titan Glares and Fastrack.
Titan’s eye-care brand had an annual revenue of ₹517 crore in FY22. The chief executive also spoke at length about the division's expansion plans with a focus on expanding their reach in top 20 cities.
“We have expanded across 230-240 cities and towns; to that extent, we have deep penetration. We are going further, both deeper and wider, into the market. But the immediate focus will be on the top 20 cities because there are enough and more catchments that we have not yet covered," Bhaumik told Mint.
The company also plans to ramp up its local sourcing and is also attempting to build a vendor base in India while reducing its dependence on China.
“In 2019-second half, we realized that we are quite dependent on China. Before that, we made an investment in a frame factory. But business was by and large still going to China. Then, we had to change gear and we decided that we have to find an alternative to China. And even if it is not 100% made by us, there are other countries we would like to explore," Bhaumik said.
Talking about Titan's investment plans Bhaumik told Mint that the company plans to invest 20 crores in 2023.
“In FY23, another 20 crore is going in. Significant investment is happening but we are making sure the investment is balanced with capability building. There would be continued investment for another couple of years," Bhaumik said.
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