Odyssey wades into eyewear space

MUMBAI: Chennai-based Odyssey India Ltd, owners of the Odyssey chain that sells books, music and gift articles, has launched another lifestyle retail chain for premium global eyewear brands.

Christened The Eyewear Store, these outlets will provide end-to-end eye solutions and will cater to the country’s growing prescription eyewear market. The company launched its first Eyewear Store in Hyderabad.

T S Ashwin, managing director, Odyssey, said the company had been looking at extending its retail initiative into other areas. “After closely monitoring and understanding various categories, we zeroed in on the eyewear segment as it looked to be a logical extension and also complimented our existing retailing business.”

The company, he said, has decided on a two-fold strategy for expanding the eyewear business. “First, we’ll set up 4-5 standalone stores in metros such as Mumbai, Bangalore, Delhi and Chennai. Secondly, there will be shop-in-shops called Eyewear Express in 20 other locations in India,” he said.

The company will invest around Rs 20 crore in the first year to expand the chain. The cost of setting up each store will be around Rs 1.25 crore (including interiors and inventory). These stores will have an area of 1,200-2,000 sq ft. The express outlets will be a part of the Odyssey stores and will have an area of 200-600 sq ft. The funding for the expansion will be done through the company’s internal resources.

Ashwin said once the new venture reaches a consolidation, the management may even look at spinning it off under a new entity.

Positioned at the premium end, The Eyewear Store will offer branded products, which will be sourced from across the globe. The product range will include shades from entry level, medium and premium fashion brands. These standalone stores will also have a state-of-the-art eye testing facility with trained staff and an advanced contact lenses clinic sporting acclaimed brands.

Odyssey India Ltd is a 100% subsidiary of Deccan Chronicle Holdings Ltd. There are currently 31 Odyssey bookstores in 13 cities across the country and the company may further expand the chain in other cities. The company is likely to open Mumbai’s first Odyssey store at K-Star mall in Chembur in a few months.
t_ashish@dnaindia.net