Ethos Swiss Watch Studios eyes 50% revenue growth

Ethos Swiss Watch Studios, India's largest multi-brand retail chain for premium and luxury watches, today said it is eyeing a close to 50 per cent growth in its revenue to Rs 110 crore in FY 11.

The company also plans to expand its pan-India footprint this fiscal.

The company's revenue during 2009-10 stood at Rs 74 crore.

"We are confident of crossing the Rs 100 crore revenue mark this fiscal and post around Rs 110 crore," Ethos Swiss Watch Studios' CEO, Yashovardhan Saboo, told PTI here.

At present, the company stocks around 34 international brands, mostly from Swiss companies with their prices ranging between Rs 5,000 to Rs 20 lakh, he said.

The company, which has a store-network of 22 presently, plans to add six to seven more outlets this fiscal, he said, adding "the first of these has already been opened at the Mumbai domestic airport recently."

The company's main customer target is the travel retail market at airports, currently estimated at around $30 billion globally, he said.

International travel is expanding globally at around seven per cent while the travel retail business is growing at almost 10 per cent per year, Saboo said.

This, he said, clearly implies that the per head spending at duty free retail locations is increasing steadily.

On Indian buyers and their preferences, Saboo said watches and jewellery account for the sixth most important product category purchased from duty free stores.

Going forward, Ethos also plans to bid for watch stores at international airports outside India, especially at those destinations, frequented by Indian travelers.