Ethos plans countrywide presence in 3 years

With the demand for luxury and premium international brand watches going up gradually, retail stores are planning a major expansion drive to reach out to the growing cosmopolitan customers.

Ethos Swiss Watch Studio, a retail chain offering luxury and premium watches, has joined the list of firms that are expanding rapidly to cater to the growing demand and plans to have a countrywide presence over the next three years.

The company will set up 40 new stores with an estimated investment of Rs 70-80 crore, according to Kamla Dials chief executive officer, Yashovardhan Saboo.

Kamla Dials and Devices started its Ethos Swiss Watch Studio in 2003 and has eight stores in many metropolitan cities such as Bangalore, Chandigarh, Mumbai, Pune and Ludhiana.

Three more stores will come up in Delhi by the end of this fiscal. The retail chain will target Chennai, Ahmedabad, Kolkata, Mumbai, Delhi, Chandigarh and other emerging cities for expansion.

Saying that high-end watches will see more growth in the coming future, Saboo said, "The watch market in India is worth Rs 2,000 crore.

As the economy grows, youngsters are becoming more confident. They are ready to invest in these high-end watches rather then saving the money, as they are more upbeat about what the future holds for them."

Currently, the company sells several popular luxury brands such as Breguet, Jaeger-LeCoultre and Corum.

In the premium segment, Rado, Tissot, Tag Heuer and Cartier brands are sold by the firm.

It also has outlets dedicated exclusively for renowned brands like Omega and Maurice Lacroix.

Breguet, which starts from Rs 5 lakh, was worn by Winston Churchill and the French queen Marie Antoinette. Saboo said, in the coming years, they will be talking to other brands also for exclusive arrangements.

Kamla Dials and Devices is also in the process of setting up an engineering outsourcing division EIGEN in Bangalore.

The factory will be ready by January 2006, at an investment of Rs 10 crore.

The company plans to hire about 100 people for the factory. It recorded Rs 60 crore turnover last year and is targeting Rs 80 crore for the current financial year. It employs more than 1,000 people.