Optique Engages Francorp For Strategic Pan India Expansion Through Franchise
OPTIQUE, a recognized brand in the field of optical and hearing aids partners Francorp, a part of Franchise India Group, The largest, integrated Franchise and Retail Solutions Company in Asia to move the brand from a current favorable position to a strong position in India through strategic franchise expansion.
- (1888PressRelease) October 08, 2010 - In order to achieve the above target base OPTIQUE will explore new markets, target new customer base and upgrade the existing customer choice. There are approx 350 million people in India who needs vision correction of which only 87.5 million actually are supported with visual aids leaving 75 percent of the market unattended. Around 1/3 of Indian population needs spectacles and sunglasses.
Apart from 262.5 million people who can be the target customers for OPTIQUE, the company also plans to penetrate in hearing aids sector which has an expected market size of Rs. 200 crores in the year 2011. According to estimates of 'World Health Organization' more than 6 percent of India's population suffers from acute or progressive hearing loss. 2 to 4 out of 1000 babies are born with hearing loss and can be treated ideally at 3 months of age. Nine out of ten such cases of hearing loss can be treated with hearing aid.
Overall eye wear market and the hearing aid market have shown growth in the last few years. Both the segment of India has been growing on an average 20% and 35% year on year respectively.
Mr Ajeet Bharadwaj, Managing Director, OPTIQUE says, "We see a great opportunity in urban and semi urban market of India. Our major customer base in eye wear caters to the age group of 25 to 70 years while in hearing aid sector it is between 45 to 70 years of age. We target 3 to 5 showrooms in metros and 2 to 3 in Capitals and tier-1 cities. For the initial phase of franchise operation OPTIQUE will target North India. After setting up and running profitability in this region, the product will be rolled out as PAN India."
There has been a shift in the future trend and industry movement from unorganized to organized segment. Franchise plays significant role in organizing the sector considering the risk factors and limitations associated with the company owned format. OPTIQUE will have one of the first mover advantages which will maximize the market share and can build the brand along with the established players.
Commenting upon this pioneering initiative, Mr. Gaurav Marya, Managing Director, Francorp, said, "The eye wear and hearing aid market is a highly unorganized in India. Each city has its own local competitors having their own customer base so it is very difficult to identify competition as it varies from one place to another. This market is highly dominated but has limitations in product offering and quality. OPTIQUE has an opportunity to build brand along with the established competitor players to capture the organized market. Over a period of time it may also look at developing global network with brands and continuously update the quality of the product. We will ensure right expansion strategy at right location at right time in order to make the product successful globally."
OPTIQUE is a twenty three years old Delhi based eye wear and hearing aid retail company having ten showrooms in NCR, Chandigarh and Pune which is famous for product quality and multi brand. The Franchise expansion with strategic plans of Francorp will help develop the same credibility in new markets.
About Francorp
Since its inception in 1976, Francorp has been the unsurpassed leader of the Franchise Consulting Industry globally. Over the years, Francorp based out of Chicago, has assisted companies in virtually every market segment with its patented processes and unmatched expertise. The clients include companies like Bridgestone, XEROX, Shell Oil, Hallmark Cards, Encyclopedia Britannica, Mad Science Group, Pollo Camperio, Ace Hardware, BP, Fruehauf, and Gant, to name a few. In India, Francorp has associated with Franchise India Holdings Ltd. and has coalesced in an experience of 42 years.
About Franchise India
Franchise India is Asia's largest integrated franchise solution company since 1999, with an absolute authority on Franchising, Licensing, Retailing, Real estate and Marketing. The Company has consulted for several major brands over these years like Videocon, HCL, MGF, Quality Walls, Tata, Gitanjali, HSBC, Levis, JK Tyres, Lakme, D'damas, Adidas, Euro Kidz, The Apollo Clinic, Chhabra 555, Kidzee, Motilal Oswal, Rosebys, Next, Welhome and more, through media, advisory and exhibitions.
With its strategically formed divisions, Franchise India has created its own niche as the pioneers of the Franchise Industry and a small business authority.
For more details log on to http://news.franchiseindia.com/
For further information, please contact:
Franchise India: shyamlee @ + 91 9868098266 / shyamlee ( @ ) franchiseindia dot net
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