New Delhi: Luxury watch retail chain Ethos Watches reported gross revenue of Rs 918 crore in FY23 recording an increase of 36.6 per cent over last year, the company said in a BSE filing last month.
Analysing Ethos’ performance, its Chairman and MD Yashovardhan Saboo, told ETRetail that the retailer’s quality of communication and trust building with the consumers coupled with a wide product portfolio across 60 plus brands is helping it drive this high double digit growth.
“This year based on unaudited numbers, our billings over last year have increased by about 36.6%, which is higher than the highest level of guidance we have given. Based on Q3 results, it’s easy to extrapolate that we’re going to be exceeding the guidance for profit numbers as well.”
For FY2022, the company’s net profit stood at Rs 23.36 crore with revenue at Rs 672 crore.
Commenting on the demand and scope of growth of luxury watches, Saboo opined that the Indian luxury watch market is growing at 12-15 per cent, which is stupendously higher compared to markets worldwide.
Fossil Group’s EVP and chief commercial officer, Greg McKelvey in his recent visit to India said that the country is one of the biggest growth opportunities for the global brand. Fossil Group houses licensed brands including Skagen, Armani Exchange, Diesel, Emporio Armani, and Michael Kors.
Timex Group’s president and CEO Tobias Reiss-Schmidt too last month said that India is now the second largest market for the brand after US. The company is planning to increase its manufacturing capacity by 25 per cent in the country.Ethos Watches, which currently runs 54 stores in the country plans to go aggressive and open 22 stores in this fiscal year. The company has been focusing on venturing into newer cities across tier 2 and 3 markets and recently opened its stores in Indore, Bhopal, Bhubaneswar, and Siliguri.
“Store expansion decision is taken considering the cities offering possibility and potential. As COVID recovered, especially in the second half of last year, we witnessed a lot of traction from tier 2 and 3 cities. So, we decided to establish a physical presence there.”
Post opening 22 stores this year, Ethos plans to add 10-12 more outlets. This will be followed by a gradual slowdown in store expansion as the company would have established presence in key markets, Saboo believes.
Earlier last year, Ethos Watches listed on public bourses. The company dominates about 20 per cent share in the luxury watch retail market. It sells premium global watch brands such as Bvlgari, Balmain, Tissot, Omega, Rado, Baume & Mercier and more.