French multinational lensmaker EssilorLuxottica plans to expand footprint in India

EssilorLuxottica, a French multinational company that designs, manufactures, and distributes ophthalmic lenses, frames, and sunglasses, is considering expanding its presence in India due to the country's market potential. The company will also contribute to the $14 billion investment required to eliminate uncorrected poor vision by 2050, although the exact amount has not been disclosed.

EssilorLuxottica plans to strengthen its commercial capabilities and increase its marketing investments in both frames and lenses to promote its key brands and drive mid-tier penetration by expanding its reach and laboratory capabilities in India. Narasimhan Narayanan, Country Head, EssilorLuxottica South Asia, talking to BT, said: “India is a significant growth market for EssilorLuxottica and in Q3 2022 Asia-Pacific was the best-performing region posting revenue of Euro 761 million, up 22.7 per cent, compared to the third quarter of 2021."

Currently, EssilorLuxottica has coverage in over 85 prescription labs across more than 450 cities in India. The company intends to deepen its partnerships with eye care professionals and joint venture partners through investments in visual solutions that combine its expertise in frames and lenses, marketing, training, sustainability, and digital transformation in the optics industry.

“We are optimistic about the growth of the brand and the industry in India. We see strong growth across all brands in the frames segment – Ray-Ban, Oakley and Vogue Eyewear have seen wider acceptance through improved reach; our luxury and premium frames, particularly Burberry, Prada and Emporio Armani have seen significantly accelerated growth. This reflects the increased consumer aspirations for brands and frames offer this opportunity as the entry-level to own brands,” Narayanan said.

EssilorLuxottica has also recently launched a new Expert Myopia Care solution, the Essilor Stellest lenses, which claim to slow down myopia progression in children by 67 per cent on average when compared to single vision lenses worn 12 hours a day. In India, 25 per cent of children have myopia by the age of 15, and this is projected to increase to 50 per cent by 2050.

The two-year clinical trial results of the Essilor Stellest lenses published in JAMA Ophthalmology showed that 9 out of 10 children wearing them had similar or slower eye growth than non-myopic children after the first year. Additionally, 2 out of 3 children who wore Essilor Stellest lenses did not need a prescription change after the first year, and 100 per cent of children wearing them had clear vision.

“We intend to maintain a sharp focus on consumer experience - with the right synergy of investment and technology; we are positioned to bring more value to eye care professionals and significant consumer groups such as hospitals and other key stakeholders,” Narayanan said.

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