Vision Express

Reliance Retail and Pearle Europe unveiled the first optical specialty format in Bangalore under their 50:50 joint venture, Vision Express. It aims to capture 20 per cent market share of the estimated $900 million (Rs 4,500) eyewear market in India with plans to open 500 outlets in India over seven years.Vision Express will also have a shop-in-shop presence in other retail formats of Reliance Retail, such as Reliance Mart, Reliance Wellness and Timeout. It could also look at having shop-in-shop presence in other multi-branded outlets. In India, Vision Express would compete with other prominent organised eyewear retailers such as Titan Eye+ and GKB Opticals.Unlike these two retailers though, Vision Express will not sell other eyewear and sunglasses brands such as Elle, Vogue, Levis, Esprit, Oxydo, Tommy Hilfiger, Dolce Gabbana and Calvin Klein. All the products offered will be under Vision Express brand.
Globally, the euro 1.5 billion Pearl Europe group operates 2,200 stores across 22 countries. However, for the first time in India, they have launched a greenfield store in JV with Reliance Retail. Gijsbert Ackermans, head-marketing and operations, said, “In all countries we have entered through acquisition or franchisee route. However, in India, we have entered through a JV. As of now, we are not looking at expanding through acquisition in India. Also, the franchisee route will be adopted once the brand is established.” According to Jaroslaw Widomski, India could account for about 7 to 8 per cent of the global revenues of Pearl Europe group in seven years. Outside its biggest market, Europe, the group is betting on Brazil and India. In India, Vision Express will open outlets across major cities and enter tier II and tier III cities thereafter. “We have unveiled only value format under Vision Express brand, though in the future other formats could also be looked at,” said Ackermans.