Once being a stagnant segment in India, the eyewear industry in India is now among the fastest growing retail sectors in the country.
The Indian business eco-system is constantly being invaded by new ideas and investors, looking to transform the current scenario of the Indian business market. As India is emerging as a hub for startups and innovative ideas, business opportunities for investors are gradually increasing side by side.
Once being a stagnant segment in India, the eyewear industry in India is now among the fastest growing retail sectors in the country. The rising disposable incomes and influence from the latest fashion trends have somewhere opened the gate for opportunities in this sector.
In 2016, the Indian eyewear market was estimated to be around Rs 8,400 crore. Further, the sector is projected to grow to Rs 12,600 crore in the coming years.
In an interaction with Franchise India, Saurabh Dayal, Co-Founder, Clear Dekho talks about the current Indian eyewear industry, followed by trends and challenges that will be affecting the industry.
Competing in the Indian Eyewear Chain like a Boss
The past couple of years have seen a great evolution in the Indian eyewear industry. The journey of the eyewear segment has been remarkable - from being an untapped and stagnant sector to one of the most lucrative business sectors in the modern-day Indian retail industry.
With several brands successfully transforming the eyewear industry in India, new entrants are emerging with new business ideas along with strategies for standing out in this competitive industry.
Dayal shares, “The inception of Clear Dekho happened in 2016 from where the brand has emerged as India’s leading budget eyewear chain in today’s time. In the past one and half years, we have introduced 32 live stores in Delhi-NCR. We are a funded startup where we have raised capital from the Chinese largest accelerator fund.”
Expanding via Franchising
Franchising has been a common model for entrepreneurs who are looking to expand their business nationally and internationally. It is believed that words and messages are widely and quickly spread through franchising and that plays an essential role in a brand’s evolution along with increased awareness. Moreover, it also generates business opportunities for the people, allowing them to run their own business under the established brand’s umbrella.
“We are into the budget segment, aiming to become India’s largest budget eyewear brand. All our stores are completely franchise owned where we are planning to open 200+ stores in the next two years and 2000+ stores in the upcoming five years,” says Dayal.
Successfully Managing the Entire Franchise Store
Managing and maintaining a relationship with the franchisees are among the few things that emerge as a daunting task for every franchisor. The process requires sheer knowledge about the industry along with a proper and efficient strategy for maintaining a happy relationship with franchisees and their employees. This engagement is believed to increase sales, eventually generating profits.
“Clear Dekho is a company-operated franchise-owned model where we manage the stores for our franchisees. The managing procedure starts from the hiring process followed by training the employees, opening and closing the stores, getting the fittings done, making the sales, and running the operations. So, 100 percent of the management is done from our side, which eliminates the burden from our franchisees,” added Dayal.