The top line is likely to exceed 1,000 crore (consumer price level) in the current financial year, says Bhaumik
The top line is likely to exceed 1,000 crore (consumer price level) in the current financial year, says Bhaumik
Titan Company’s eyewear division has drawn up plans to gradually reduce its dependence on China for frames and sunglasses to about 50%, a top executive at the company said.
“China is the center for eyewear,” said Saumen Bhaumik, CEO of Eyewear. “India imports around 90-95% of frames and sunglasses from China. We wanted to be independent from China and the pandemic has helped us make good progress.”
According to him, titanium’s reliance on frames and sunglasses from China has dropped drastically from 90-95% to 70% and the company plans to further reduce it to 50% in the coming years. It also encouraged vendors to prepare for size and good quality as it aims to be “China-free” in the long term.
Last year the eyewear division produced four lakh frames and this would double in the current fiscal year. About 35% of the frames were made in-house and the rest were imported from China and other countries.
Speaking about the lens, he said there are plans to increase in-house production at the Chikkaballapur plant to two million units by FY24. In the current fiscal year, 1.7 million lenses would be manufactured.
Mr Bhaumki, who was in town to inaugurate Titan Eyeplus’ 100th showroom in Tamil Nadu, said it is their 760th showroom in the country and they plan to expand it to 1,000 by FY23.
He also said they had budgeted for a capital expenditure of £40m for FY23, up from £30m last year. The capex would be used for showroom front end, equipment and production facilities.
When asked about Topline, he said it would likely pass the £1,000bn mark (consumer price level) in FY23, up from £600bn and £940bn released in FY21 and FY20 respectively.
“We’re doing fine and crossing £1,000m won’t be difficult,” he said.
