India-based eyewear retailer ClearDekho has announced its plan to open more than 200 stores and expand across 100+ cities by the end of this fiscal.
The tier 2 and tier 3 focused brand is looking at exponential growth to capture the market first across small towns/cities with plans to grow 100% in FY 21-22.
The company aims to standardize the unorganized optical market in rural areas and provide high-quality eyeglasses for as low as Rs 500 through both online and offline channels and 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.
Covid-19 Pandemic was one of a kind global catastrophic event that left national economies & businesses counting the costs, as lockdowns around the world disrupted the normal functioning of life. Like others, ClearDekho was also forced to halt operations temporarily for a short period amidst the abrupt lockdowns imposed across the country in 2020.
Post lockdown, as business started to open up, ClearDekho saw 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.
In the last fiscal, the company opened up 25+ new stores post lockdown. Almost 90% 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 access 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% 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