Reliance, Pearle Europe plan up to 700 stores of eyewear chain

Mukesh Ambani-led Reliance Retail Ltd (RRL) and partner Pearle Europe plan to open up to 700 stores of their eyewear retail chain 'Vision Express' across India in the next seven to eight years.

Vision Express is an equal joint venture between RRL and Pearle Europe, the biggest optical retail group in Europe.

The JV presently operates 41 stores across major cities in the country.

"We want to have a network of 500-700 outlets of Vision Express over the next seven to eight years. That's the longer term outlook," Vision Express CEO, Guillame Brouwet said.

"India is a dynamic and strategic market in the optical retail segment. It's the best economy to do business in the next ten years," Brouwet said.

Brouwet said the Indian optical industry is estimated to be around USD900 million, and organised players have immense scope for growth.

"India's optical goods and services industry is around USD900 million, and it is likely to double in the next ten years. About 95% of the industry in India comprises independent store owners, so the organised retail chains like us have scope to grow exponentially," he said.

Vision Express will continue to open company-owned stores with an average floor space of 800-900 sq ft.