indian eyewear retail industry report

`

May 2013

For any queries or detailed information

contact us on+91 – 22 – 2436 3161 / +91 22- 60022001 or

email at [email protected]

Reevolv Advisory Services

Private Limited

Indian Eyewear Retail Industry Report

Report

mailto:[email protected]


2

Table of Contents

Particulars Page Nos.

1. Executive Summary 5

2. Eyewear Industry Overview

2.1. Industry Overview 6

2.2. Market Opportunity 7

2.3. Growth Drivers 8

3. Business Dynamics

3.1. Eyewear Products Category 11

3.2. Key Characteristics of Eyewear products 12

3.3. Business Model 14

3.4. Typical Unit Economics for Eyewear Retail 21

3.5. Consumer Insights 22

3.6. Buying Criteria 24

3.7. Porters Five Forces Model 27

3.8. Key Success Factors of Eyewear Retail Industry 30

3.9. Key Challenges of Eyewear Retail industry 31

4. Primary Surveys / Interviews

4.1. Interviews 33

4.2. Consumer surveys 38

5. City wise – Key players and Number of outlets

5.1. Tier 1 Cities 42



5.4. Other Cities 47


3

6. Quantitative Information of players

6.1. Retail Shop 49

6.2. Manufacturers – Spectacle Lenses & Frames and Sunglasses 52

6.3. Manufacturers – Contact Lenses 55

7. Financial Benchmarking of players

7.1. Retail Shop 56

7.2. Manufacturers – Spectacle Lenses & Frames and Sunglasses 58

7.3. Manufacturer – Contact Lenses 59

8. Player Profiles – Eyewear Retail

8.1. Bon Ton Opticals 60

8.2. Foresight Vision Care 61

8.3. Gangar EyeNation 64

8.4. GKB Opticals 67

8.5. Himalaya Opticals 71

8.6. Lawrence & Mayo 81

8.7. Lens & Frames 87

8.8. Optical Palace 88

8.9. Shiva Vision Care 89

8.10. Sunaina 92

8.11. Sunglass Hut 93

8.12. Titan Eye+ 97

8.13. V. A. Mayekar 100

8.14. Vision 360o and GKB Optolabs 101

8.15. Vision Express 105

8.16. World Optix 109


4

9. Player Profiles – Manufacturer of Spectacle Lenses & Frames and

Sunglasses

9.1. Carl Zeiss 110

9.2. Essilor 112

9.3. Hoya 139

9.4. Luxottica 142

9.5. Safilo 148

10. Contact Lenses – Competitive Pricing 151

11. Player Profiles – Contact Lenses

11.1. Acuvue 152

11.2. Bausch + Lomb 153

11.3. Ciba Vision 157

12. Annexure: Ratios 158


5

1. Executive Summary

The growth of eyewear retail industry is result of increase in population, rising income levels, penetration

of the retail distribution network etc. The eyewear industry is following similar trends as observed in the

retail makeover in India. Over the years eyewear has changed from being a utility product for vision

correction to key fashion accessory. Increasingly eyewear is being perceived as reflective of one’s

personality.

The fast paced transition is witnessed by the eyewear industry in terms of changing customer choices,

preferences, shift of localized opticians to organized chain of retail outlets and influx of foreign eyewear

brands.

The size of the eyewear market in India was Rs. XX billion in 2011 of which spectacle frames and

prescription lenses constituted the largest percentage of XX% of the market followed by sunglasses

(XX%) and contact lens (XX%).

The key success factors of this industry are

Quality of product and product portfolio

Delivery time

After sales service

However, as with any other industry, it is not without challenges. The scarcity of trained professionals is

the biggest challenge in the industry. This supply-demand gap is leading to an upward salary cost for

trained professionals coupled with higher attrition. The higher rentals in cities are acting as an impediment

to growth.

The findings of the survey conducted across cities and customer groups are as under:

Consumers prefer using spectacles rather than contact lens

People typically change their eyewear in around 2 years

Price, geographical distance and brand are the top parameters for consumers to select a

eyewear retail outlet

Comfort, Price and Style / Fashion / Design are the top parameters while buying eyewear

products

As per our estimates the market is expected to increase to Rs. XX billion in 2015 growing at a CAGR of

XX% per annum. Out of all the product categories, sunglass is the highest growing segment in India.

As per our estimates the share of organised market stood at XX% of the total eyewear retail market at Rs.

XX billion in 2011 which is expected to grow at XX% per annum and will reach to XX billion (XX% of the

overall market) in 2015E.


2. Eyewear Industry Overview

2.1. Industry Overview


7

2.2. Market Opportunity

The growth in eyewear retail in India is the result of increase in population, rising income levels,

penetration of the retail distribution network etc.

Total Market

The size of the eyewear market in India was Rs. XX billion in 2011 which is expected to increase

to Rs. XX billion in 2015 growing at a CAGR of XX % per annum.

Eyewear Retail Industry Size (2011–2015E)

Rs. In million 2011 % of total

market

2015E % of total

market

CAGR%

(2010–15E)

Spectacle Frames and Prescription

Lenses

Contact Lenses

Sunglasses

Total Eyewear retail market

Spectacle frames and Prescription lenses

Contact Lens

.

Sunglasses


2.3. Growth Drivers


9

3. Business Dynamics

3.1. Eyewear Products Category

Spectacle Frames

Spectacle Lenses

Contact Lenses

Sunglasses


3.2. Key Characteristics of Eyewear Products


11

3.3. Business Model

Fig : Eyewear Industry Structure

3.3.1. Key functions of an Eyewear manufacturer are Design,

Manufacturing and Distribution

3.3.2. Brief Overview of Eyewear retail in India

3.3.3. Key Functions in an Eyewear Retail Business

Fig : Eyewear Retail Business Structure

3.3.4. Nature of Retail Eyewear industry


12

3.4. Typical Unit Economics for Eyewear Retail

Standalone Stores:

Description Estimates

Average Area

Average Revenue per Month

Raw Material (as a % of sales)

Salary cost per month (all employees) (INR)

Salary cost as a % of Sales (incl. commission)

Rent

Rent (as a % of sales)

Marketing (as a % of sales)

Other Administrative Cost (as a % of sales)

Operating Margin (as a % of sales)

Capex – Furniture and Fixtures

Capex – Equipments

Inventory Rental

Deposit Capital

employed ROCE

%

Source: Reevolv Research

Indian Eyewear Industry Report

3.5. Consumer Insights

3.6. Buying Criteria


14

3.7. Porters Five Forces Model

Diagram

No Five Forces Remarks Market Trends

1a. Power of Supplier

1b. Power of Supplier

2a. Availability of Substitutes

2b. Availability of Substitutes

3. Entry Barriers

4. Power of Customers

5. Competitive Rivalry


15

3.8. Key Success Factors for Eyewear Retail Industry

.

3.9. Key Challenges of Eyewear Retail Industry


16

4. Primary Surveys / Interviews

4.1. Interviews

Interviewer 1: Owner of retail shop

Questions Answers

Which is the fast moving item across all eyewear product categories?

What is the preferred price point of your customer?

What is the Turnaround time for product delivery?

What is the basic requirement of customer?

Do you return outdated products to the company/ distributor?

Do you have any warehouse?

To whom you contact for the products?

Do you charge for after sales services?

Do you have skilled staff?

If goods are damaged in transport then who bares the losses?

What is the competitive outlook?

What is the basis of choosing the shop location?

What techniques you use to increase your sales?

Which is the peak season of sale?

How do you recruit your staff?

Do you have experienced staff or fresher?

How do you train your staff?

Interviewer 2 : Store Manager (Standalone Retail Outlet)

Questions Answers

Do you have any warehouse for quick service?

From where do you source products?

What is the Turnaround time for product delivery?


What do you do with outdated products?

How do you retain your customers?

Do you get credit from your supplier? If yes then for what period?

What is the criterion for recruiting your staff?

How do you train employees?

Do companies approach you for brand specific displays?

Which media do you prefer for advertisements?


17

Interviewer 3 : Store Manager (Standalone Retail Outlet)

Questions Answers

In how much time you deliver the product?

What are credit policies of suppliers?


What are the prevalent operating margins?

How do you select location for the outlet?

Do you have regular and repeat customers?

What is the price range of eyewear preferred by customers?

Are premium brands acceptable by customers?

Is it necessary to have an optometrist in a shop?

Interviewer 4 : Store Manager (Organized Eyewear Retail)

Questions Answers

Which is the fast moving item across all eyewear product categories?

What you do with outdated products?

Which is the highest contributing brand in terms of revenue?

Do you offer any discounts?



Do you have skilled man power to give after sales services?

Is there any market research done by your company while selecting the location of your store?

Do you have repeat customers?

Is there any seasonality in this business?

What promotional activities do you do to increase sales?

How you recruit your staff?


Which media you prefer for your advertisement?

What is the revenue break of eyewear products?


18

Interviewer 5 : Store Manager (Organized Eyewear Retail)

Questions Answers

What is the preferred price range of customer?

What do you do with outdated products?


What is conversion ratio from footfalls to customer?

What if customer demands brand other than your stock?

Do you suggest any brands to customers?

Do you have skilled man power to give after sales services?

What is the nature of competition?

Which is peak season of sale?

Is your staff experienced or fresher’s?


Which media do you prefer for your advertisement?

What is the incentive for employees?

What is the salary range of staff?

Interviewer 6 : Distributor – Sunglasses, Spectacle Frames and Contact lenses

Questions Answers

What are your thoughts on eyewear retail industry?

Why are branded products important?

Who are the market leaders in various product categories of eyewear industry?

What is the investment required to start an eyewear retail store?

What is the payback period for the eyewear retailer?

What are the margins across eyewear products for a retailer?

Who provides training on eyewear?

Is there any minimum order quantity the retailer has to order?

What is the delivery period once the order is placed by the retailer?

What is the credit period you offer?

What is the stock return policy?

How does the pricing work in eyewear industry?

How does the prescription lens market work? What is the margin for retailer?

What is the delivery time for prescription lens?

What type of prescription lenses are preferred by the customer?

Within how much time frame do customers change their eyewear?

Is there any need to change frames after every two years?

Does the retailer need to maintain stock of contact lenses?

Do contact lens manufacturer take stock returns?

What is the typical margin for the retailer in contact lenses?

What is the benefit of selling of contact lenses?


19

4.2. Consumer Surveys

Preamble

1. Percentage of respondents requiring vision

correction

2. Eyewear preferences for vision correction

Pie Diagram Pie Diagram

3. Preferences for eye check up

Pie Diagram

4. Eyewear usage pattern (Spectacles & Contact

lenses)

5. Eyewear usage pattern (Sun Glasses)

Bar Chart Pie Diagram

6. Preferred price range for eyewear (per annum)

Bar Chart

7. Retail outlet preferences 8. Preferences for type of eyewear products

Bar Chart Bar Chart

9. Replacement frequency of eyewear

(Contact lenses)

10. Replacement frequency of eyewear

(Spectacles and Sun Glasses)

Pie Diagram Bar Chart

11. Reasons to select retail outlets for purchase of eyewear

Pie Diagram

12. Parameters while buying eyewear products

Pie Diagram


20

5. City-Wise Number of Outlets of Key Players

5.1. Tier 1 Cities

Bo

Hima

Lawr-

Opti-

Shiva

Suna-

Sungl

V.A.

Vision

Worl

Cities State Regio

n

NCR NCR North

Ban-

galore KAR South

Chennai TN South

Hyd-

erabad AP South

Kolkata WB East

Mumbai MAH West

Pune MAH West

Ahm-

adabad GUJ West

n Ton

Fore- sight

Gan- gar

Vision GKB

360o

-laya Opti- cals

ence &

Mayo

cal Palace

Vision Care

ina Optic-

ans

-ass Hut

Titan Eye +

May- ekar

Expr- ess

d Optix

KSR Total

Total


21

5.2. Tier 2 Cities

Cities State Region GKB Vision

360o

Himalaya

Opticals

Lawrence

& Mayo

Lens &

Frames

Sunglass

Hut

Titan

Eye +

Vision

Express Total

Agra UP North

Allahabad UP North

Kanpur UP North

Lucknow UP North

Varanasi UP North

Amritsar PUN North

Ludhiana PUN North

Chandigarh CHD North

Coimbatore TN South

Madurai TN South

Kochi KER South

Kollam KER South

Kozhikode KER South

Thiruvananthapuram KER South

Thrissur KER South

Vijayawada AP South

Visakhapatnam AP South

Asansol WB East

Dhanbad JHK East

Jamshedpur JHK East

Ranchi JHK East

Patna BHR East

Raipur CHH East

Bhopal MP West

Gwalior MP West

Indore MP West


22

Cities State Region GKB

Jabalpur MP West

Jaipur RAJ West

Nagpur MAH West

Nashik MAH West

Aurangabad MAH West

Rajkot GUJ West

Surat GUJ West

Vadodara GUJ West

Total

Vision

360o

Himalaya

Opticals

Lawrence

& Mayo

Lens &

Frames

Sunglass

Hut

Titan

Eye +

Vision

Express Total


23

5.3. Tier 3 Cities

Cities State Region Foresight GKB

Dehradun UKH North

Moradabad UP North

Saharanpur UP North

Gorakhpur UP North

Jalandhar PUN North

Jammu J&K North

Belgaum KAR South

Gulbarga KAR South

Hubli KAR South

Mangalore KAR South

Mysore KAR South

Erode TN South

Puducherry PUD South

Tiruppur TN South

Guntur AP South

Bhubaneswar ODS East

Cuttack ODS East

Raurkela ODS East

Bokaro JHK East

Siliguri WB East

Durgapur WB East

Guwahati ASM East

Ujjain MP West

Vision

360o

Himalaya

Opticals

Lawr-

ence &

Mayo

Lens &

Frames

Optical

Palace

Sunaina

Opticia-

ns

Titan

Eye +

Vision

Express Total


24

Cities State Region Foresight GKB

Kolhapur MAH West

Bhavnagar GUJ West

Jamnagar GUJ West

Total

Vision

360o

Himalaya

Opticals

Lawr-

ence &

Mayo

Lens &

Frames

Optical

Palace

Sunaina

Opticia-

ns

Titan

Eye +

Vision

Express Total


25

5.4. Other Cities

Cities State Region

Ambala HAR North

Rohtak HAR North

Patiala PUN North

Bhatinda PUN North

Kurnool AP South

Chikmagalur KAR South

Davanagere KAR South

Shimoga KAR South

Tumkur KAR South

Udupi KAR South

Hosur TN South

Tirunelveli TN South

Alappuzha KER South

Aluza KER South

Kolenchery KER South

Kottayam KER South

Thiruvalla KER South

Palakkad KER South

Bhagalpur BHR East

Agartala TPR East

Balasore ODS East

Barrackpore WB East

Burdwan WB East

Serampore WB East

Vision

360o

GKB

Optolabs

Himalaya

Opticals L & M

Lens &

Frames

Sunaina

Opticians

Titan Eye

+

Vision

Express


26

Cities State Region

Chinsurah WB East

Bhilai CHH East

Bilaspur CHH East

Dimapur NAG East

Shillong MEG East

Calangute GOA West

Cavelossim GOA West

Verca GOA West

Mapusa GOA West

Margao GOA West

Nuvem GOA West

Panaji GOA West

Porvorim GOA West

Ponda GOA West

Porvorim GOA West

Betalbatim GOA West

Valsad GUJ West

Vapi GUJ West

Gandhidham GUJ West

Anand GUJ West

Total

Vision

360o

GKB

Optolabs

Himalaya

Opticals L & M

Lens &

Frames

Sunaina

Opticians

Titan Eye

+

Vision

Express Total

Source : Company Website and Reevolv Research

Abbreviations

AP Andhra Pradesh GOA Goa KAR Karnataka NAG Nagaland

ASM Assam GUJ Gujarat KER Kerala NCR National Capital Region

BHR Bihar HAR Haryana MAH Maharashtra ODS Odisha

CHD Chandigarh J & K Jammu & Kashmir MEG Meghalaya PUD Puducherry CHH Chhattisgarh JHK Jharkhand MP Madhya Pradesh PUN Punjab


27

6. Quantitative information of players

Company

6.1. Retail Shop Category Products Units

2010 2011 2012

Name Value Volumes

(Rs ‘000)

Value Rs/unit Volumes

(Rs ‘000)


(Rs ‘000) Rs/unit

6.2. Manufacturers – Spectacle Lenses & Frames and Sunglasses

Company Installed

Category Products Units

2010 2011 2012

Name Capacity

Volumes Value

(Rs ‘000)

Rs/unit Volumes Value

(Rs ‘000)

Rs/unit Volumes Value

(Rs ‘000)

Rs/unit

6.3. Manufacturers – Contact Lenses

2010 2011 2012

Company Name

Installed Capacity

Category Products Units

Value Volumes

(Rs ‘000)


(Rs ‘000)


(Rs ‘000)

Rs/unit

Source - Company Filings and Reevolv Research


28

7. Financial Benchmarking of players

7.1. Retail Shop 2011 2012

Eyewear

No Retail

Total

Revenues

EBITDA

%

PAT % ROCE

%

ROE %

Working capital

Turnover Ratio

Asset

Turnover

Total

Revenues

EBITDA

%

PAT % ROCE

%

ROE %

Working capital

Turnover Ratio

Asset

Turnover

7.2. Manufacturer - Spectacle Lenses & Frames and Sunglasses 2011 2012

Manufacturer of Spectacle

No Lenses & Frames and Sunglasses

Total Revenues

EBITDA

PAT % %

ROCE

ROE % %

Working capital

Turnover Ratio

Asset Turnover

Total Revenues

EBITDA

PAT % %

ROCE

ROE % %

Working capital

Turnover Ratio

Asset Turnover

7.3. Manufacturer - Contact Lenses 2011 2012

No Contact

Lenses

Total

Revenues

EBITDA

% PAT %

ROCE

% ROE %

Working capital

Turnover Ratio

Asset

Turnover

Total

Revenues EBITDA %

PAT %

ROCE

% ROE %

Working capital

Turnover Ratio

Asset

Turnover

Source – Company Filings and Reevolv Research


29

8. Player Profiles – Retail Shop

8.1.

8.1.1. Overview

Description

Company Name

Profile

Promoters Name

Year of Inception

Total No. of outlets

Future Plans

Source – Company Website and Reevolv Research

8.1.2. Locations

Northern Region

Exclusive Stores

Main Cities



30

8.1.3. Financials - wherever company filings are available

Balance Sheet as at 31st March (Rs. Mn)

Share Capital

Reserves & Surplus

Shareholders’ funds

Secured Loan

Unsecured Loan

Loan Funds

Deferred Tax Liability

Total Liabilities

Gross Block

Net Block

Capital Work in Progress

Investments

Inventories

Debtors

Other Current Assets

Total Current Assets & Advances

Current Liabilities

Provisions

Total Current Liabilities & Provisions

Net Working Capital excl. Cash & Bank

Cash & Bank

Net Working Capital incl. Cash & Bank

Total Assets

Source : Company Filings

FY2008 FY2009 FY2010 FY2011 FY2012


31

Key Ratios FY2008 FY2009 FY2010 FY2011 FY2012

Expenditure Ratios

Cost of Material Consumed as a % of Total Revenues

Personnel Expenses as a % of Total Revenues

Administrative Expenses as a % of Total Revenues

Selling & Distribution as a % of Total Revenues

Profitability Ratios

EBITDA %

EBIT %

PBT %

PAT %

Return Ratios

ROCE %

ROE %

Financial Ratios

Capital Employed

Total Debt/ Net Worth

Secured Debt/ Net Worth

Total Debt to EBITDA

Turnover Ratios

Working Capital Turnover Ratio

Net Fixed Assets Turnover Ratio

Inventory Days

Debtors Days

DuPont Analysis

EBIT/ Total Income

PAT/EBIT

PAT/ Total Income

Total Assets/ Net Worth

Total Income/ Total Assets

Source: Company Filings and Reevolv Research


32

9. Player Profiles – Manufacturer of Spectacle Lenses & Frames and

Sunglasses

9.1.

9.1.1. Overview

Description

Company Name

Profile

Promoters Name

Year of Inception

Future Plans



33

9.1.2. Financials - wherever company filings are available


Share Capital

Reserves & Surplus


Secured Loan

Unsecured Loan

Loan Funds


Total Liabilities

Gross Block

Net Block


Investments

Inventories

Debtors



Current Liabilities

Provisions



Cash & Bank


Total Assets


FY2008 FY2009 FY2010 FY2011 FY2012


34


Expenditure Ratios






EBITDA %

EBIT %

PBT %

PAT %

Return Ratios

ROCE %

ROE %

Financial Ratios

Capital Employed




Turnover Ratios



Inventory Days

Debtors Days

DuPont Analysis

EBIT/ Total Income

PAT/EBIT

PAT/ Total Income





35

10. Contact Lenses – Competitive Pricing

Acuvue – Johnson & Johnson Bausch + Lomb Ciba Vision – Novartis

Daily Disposable

Price per box

No of lens per box

Monthly expenditure

Fortnightly

Price per box

No of lens per box

Monthly expenditure

Monthly

Price per box

No of lens per box

Monthly expenditure

Annual

Price per box

No of lens per box

Monthly expenditure

Astigmatism

Replacement schedule

Price per box

No of lens per box

Monthly expenditure



36

11. Player Profiles - Contact Lenses

11.1.

11.1.1. Overview

Description

Company Name

Profile

Promoters Name

Year of Inception

Future Plans


11.1.2. Product Segments – Brands wise

Product Brands



37

11.1.3. Financials – wherever company filings are available


Share Capital

Reserves & Surplus


Secured Loan

Unsecured Loan

Loan Funds


Total Liabilities

Gross Block

Net Block


Investments

Inventories

Debtors



Current Liabilities

Provisions



Cash & Bank


Total Assets


FY2008 FY2009 FY2010 FY2011 FY2012


38


Expenditure Ratios






EBITDA %

EBIT %

PBT %

PAT %

Return Ratios

ROCE %

ROE %

Financial Ratios

Capital Employed




Turnover Ratios



Inventory Days

Debtors Days

DuPont Analysis

EBIT/ Total Income

PAT/EBIT

PAT/ Total Income





39

12. Annexure: Ratios

Key Ratios

Cost of Material Consumed %

Cost of Material Consumed

Total Revenues

X 100

Personnel Expenses %

Personnel Expenses

Total Revenues

X 100

Selling & Distribution Expenses %

Administrative Expenses %

EBITDA %

EBIT %

PBT %

PAT %

ROCE %

ROE %

Capital Employed



Selling & Distribution Expenses

Total Revenues

Administrative Expenses

Total Revenues

EBITDA Total

Revenues

EBIT

Total Revenues

PBT

Total Revenues

PAT

Total Revenues

EBIT Capital

Employed

PAT

Net Worth

Total of Asset / Liabilities

(Liabilities=Shareholders funds + Loan Funds +

Deferred Tax + Minority Interest)

Total Revenues

Net Current Assets excl Cash Bank

Total Revenues

(Net Fixed Assets excl Capital Work in Progress)

X 100 X 100 X 100 X 100 X 100 X 100 X 100 X 100

Inventory Days

Debtors Days

Inventory

(Cost of Material Consumed or Cost of material +

Manufacturing Cost wherever available)

Debtors

Total Revenues

X 365 X 365


40

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For any queries or detailed information

contact us on +91 – 22 – 2436 3161 / +91 22- 6002 2001 or email at [email protected]

Address: No. B/002,Vision Court Staney Fernandes Wadi CHS Ltd., Plot no. 746, MTNL Exchange Lane, Dadar

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You can also email the research analyst at

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