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EssilorLuxottica, a leading global provider of ophthalmic lenses, frames, and sunglasses, is actively exploring the possibility of expanding its manufacturing presence in India, particularly for the production of basic lens castings, according to a top-level company executive.
Currently, the company handles the coating of RX lenses, commonly known as “prescription sunglasses,” in India. The luxury eyewear-maker operates various brands in the country, including Crizal, Eyezen, Stellest, Ray-Ban, Oakley, Kodak Lens, Nikon, Armani Exchange, Vogue Eyewear, Burberry, Chanel, Coach, Miu Miu, and more.
Speaking to businessline, Narasimhan Narayanan, President, EssilorLuxottica South Asia, said, “I am in constant touch with the group leadership — trying to look at India as a destination for basic manufacturing because of initiative such as make in India. In fact, our CEO was talking about, at some point, manufacturing in India.”
Manufacturing operations
In India, its manufacturing operations is twofold. One — a frame manufacturing facility in Rajasthan, Bhiwadi, which produces Ray-Ban and more — which caters to the Indian domestic market, primarily for the Indian military, and so on. Second, it has over 85 labs in India for the purpose of coating the lenses and produces close to a million lenses annually.
Addressing global myopia challenges, EssilorLuxottica recently introduced Stellest, a myopia control lens designed for kids. The company acknowledges myopia as a significant concern, predicting that half the global population will be myopic by 2050.
Affordable solutions
Aiming to provide more affordable solutions, a collaboration with CooperVision is underway, with plans to launch a second myopia control lens in the second half of the next year, complementing the existing product priced at around ₹16,000.
In terms of business growth in India, the company plans to sharpen its focus on product, geography, and channel. Professional Solutions experienced double-digit growth, and the frame portfolio, driven by Ray-Ban, Oakley, luxury brands, and Bolon in China, delivered an excellent quarter. Markets such as India, Japan, and South Korea all saw double-digit growth, said Narayanan.
Deloitte predicts significant growth in the eyewear market, currently valued at $7.4 billion, with an expected surge to reach $13.6 billion by 2024. This growth is attributed to India’s strong demographics and flourishing economy. Notably, the spectacle lens market volume is projected to be $2.52 billion in 2023.
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