Watch retailer Ethos surpasses Rs 900 billion in revenue; plans to open 22 stores in fiscal year 2024, ET Retail
New Delhi: High-end watch retail chain Ethos watch aggregate report revenue of Rs 918 crore in fiscal year 23 recorded an increase of 36.6% year-on-year, the company said in a BSE filing last month.
Performance Analysis of Ethos, Its President and MD Yashovardhan Sabootold ETRetail that the retailer’s quality of communication and trust-building with consumers, along with a diverse product portfolio across more than 60 brands, are helping them drive this high double-digit growth.
“This year based on untested numbers, our bill is up about 36.6% from last year, well above the highest guidance we have given. Based on the Q3 results, it’s easy to extrapolate that we will also exceed the profit figure guideline.”
In the financial year 2022, the company’s net profit was Rs 23.36 billion with sales of Rs 672 crore.
Comment on the needs and scope of development of luxury watchesSaboo reckons that India’s luxury watch market is growing at 12-15%, which is staggeringly higher than markets around the world.
Fossil groupGreg McKelvey’s vice president and chief commercial officer during a recent visit to India said that the country is one of the biggest growth opportunities for global brands. The Fossil Group owns licensed brands including Skagen, Armani Exchange, Diesel, Emporio Armani and Michael Kors.
Timex Group President and CEO Tobias Reiss-Schmidt also said last month that India is now the brand’s second-largest market after the US. The company is planning to increase its production capacity in the country by 25%. Ethos meter, currently running 54 shop The country plans to actively open 22 stores this fiscal year. The company has focused on venturing into newer cities on tier 2 and 3 markets and recently opened its stores in Indore, Bhopal, Bhubaneswar and Siliguri.
“The decision to expand the store was made considering the capabilities and potential of the cities. As COVID recovered, especially in the second half of last year, we saw a lot of traction from tier 2 and 3 cities. So we decided to establish a physical presence there. .”
After opening 22 stores this year, Ethos plans to add 10-12 more. Saboo believes this will entail a gradual slowdown in store expansion as the company should have established a presence in key markets.
Early last year, Ethos Watches was listed on public exchanges. The company holds about 20% market share in the luxury watch retail market. It sells global luxury watch brands such as Bvlgari, Balmain, Tissot, Omega, Rado, Baume & Mercier and many more.
