Divulging details about the expansion, Yashovardhan Saboo, CEO of Ethos told FE, "We are looking forward to expanding our reach in the metros, tier-I and tier-II cities. We are already present in Chandigarh, Ludhiana, Amritsar, Bangalore, Delhi, Pune and Mumbai etc. Negotiations are on for space location in cities like Hyderabad, Ahmedabad and Chennai. Things are likely to materialise soon."
Pegged at around Rs 600 crore, premier and luxury watch market in India is growing at almost 25% per annum. "The growth is expected to continue for the next few years. We are also projecting a growth of over 20% by the end of this fiscal with a total turnover (including manufacturing and retailing) of about Rs 115 crore. But we feel that the import duty should be rationalised for the luxury watches. It can encourage more imports and the business can grow at a rate of 40-50%, which may induce international brands to start manufacturing in the country as well," added Saboo.
Ethos has so far roped in 25 major international luxury brands for its retail stores, ranging from Rado, Tag Heuer, Omega, Rolex to Tissot, Cartier, Seiko, Esprit and Casio etc. A Switzerland-based watch dials manufacturing company was recently acquired by Kamla Dials and Devices.