Eyewear retailer ClearDekho has announced its plans to open more than 200 stores and expand across 100+ cities by the end of this fiscal. Out of these 200 stores, 50+ stores will be in Maharashtra.
The brand will be looking at growing its presence in tier 2 and tier 3. ClearDekho's strategy is to first capture the market across small towns/cities in FY 21-22 and then expand to the metros. It aims to standardise the unorganised optical market in rural areas and provide high-quality eyeglasses for as low as INR 500 through both online and offline channels.
The brand is also working to give a boost to micro-entrepreneurship by empowering the small scale local optical business owners and helping them deliver standardized products & services.
ClearDekho has witnessed a sharp increase in inbound franchise requests to open stores with the company across India. The growth is said to be on the heels of an unprecedented increase in screen time and digital activity as everyone is working from home and kids are learning online post COVID-19.
In the last fiscal, the company opened up 25+ new stores post lockdown. Almost 90 per cent of these stores have been opened across Tier 3 and 4 cities of India. “Smaller towns lead the charge with maximum requests for franchise expansion as there is an exponential rise in the aspiring consumer base across such small towns/cities. Also, the business growth is back to pre-covid level, up to 15%-20% growth owing to its affordable franchise model,” said Shivi Singh, Co-Founder & CEO, ClearDekho.
“The Tier 2, 3, 4 markets are booming and here ClearDekho addresses a major need gap by improving accessibility to high quality affordable eyeglasses to the low income mass market consumers,” Mr. Singh added.
Considering the market opportunity, the franchising business in India was worth $12.9 Bn in 2012 and it increased to $49 Bn by 2017 growing at a CAGR of 31%. India is the second-largest franchise market in the world after the US with over 4600 active franchisors operating more than 80 per cent Indian National & Regional Brands.
“The phenomenal rise of ClearDekho franchise retail brand is a harbinger of change in consumers preference towards the organized sector and most importantly towards the affordable quality eyewear products as we have been able to credibly serve the latent demand of consumers.” – says Saurabh Dayal, Co-Founder & COO, ClearDekho
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