To achieve a greater technological edge, watch maker Titan Co Limited’s eye treatment division is looking for partners with regard to 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 particular eye-care division of Ti (symbol) said typically the company is “open to” any inorganic opportunities it may spot in the market.
Bhaumik emphasised on the company’s desire regarding an investment with a technological orientation and said “Our exploration would be in this space which brings in a little bit of the tech orientation. As I said, this is an exploration. We’ll continue in order to explore whatever fits often the scheme associated with things”.
Titan’s eye care division operates the optical retail chain Titan Eye+, which sells prescription eyewear and lifestyle products under brands like Titan, Ti (symbol) Glares plus Fastrack.
Titan’s eye-care brand name had an annual revenue regarding ₹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 towns and towns; to that extent, we have deep penetration. We are going further, both deeper and wider, into your market. But the immediate focus will be on the exact top 20 cities because there are enough and more catchments that we have not yet covered, ” Bhaumik informed Mint.
The company also programs 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, all of us 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 The far east. 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 all of us are making sure the expense is balanced with capability building. There would be continued expense for another couple of years, ” Bhaumik said.