The chain will comprise independent stores and Reliance Retail formats that include Hypermart, Super and Wellness stores.
Commenting on the JV, Bijou Kurien, president and chief executive, lifestyle, Reliance Retail, said, “This joint venture will enable us to bring world-class partnerships to India and, thus, service the changing needs of the customer. This will also blend the capabilities of Pearle Europe and Reliance Retail, which is seeking to transform the Indian retail industry.”
According to the company, the stores will have contemporary optometric technology and will be backed up by trained optometrists and support staff. The products to be retailed include frames, lenses, sunglasses, and contact lenses under numerous private labels.
Pearle Europe, the subsidiary of HAL Investments, currently, operates about 2,200 optical retail stores in 21 countries across Europe and the Middle East. HAL Investments also owns a number of optical retail chains in emerging markets such as China, Russia, Turkey and Brazil.