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Ethos Swiss Watch Studios eyes 50% revenue growth in FY11

Ethos Swiss Watch Studios eyes 50% revenue growth in FY11
PTI
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First Published: Sun, May 09 2010. 01 10 PM IST
Updated: Sun, May 09 2010. 01 10 PM IST
Mumbai: Ethos Swiss Watch Studios, India’s largest multi-brand retail chain for premium and luxury watches, said on Sunday it is eyeing close to 50% growth in its revenue to Rs110 crore in the 2010-11 fiscal.
The company also plans to expand its pan-India footprint this fiscal.
The firm’s revenue during FY10 fiscal stood at Rs74 crore.
“We are confident of crossing the Rs100-crore revenue mark this fiscal and post around Rs110 crore,” Ethos Swiss Watch Studios’ CEO Yashovardhan Saboo told PTI.
At present, the firm stocks around 34 international brands, mostly from Swiss companies, with their prices ranging between Rs5,000 and Rs20 lakh, he said.
The company, which currently has a store network of 22, 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, Saboo said.
International travel is expanding globally at around 7% while the travel retail business is growing at almost 10% per year, which implies that per head spending at duty free retail locations is increasing steadily, he noted.
On Indian buyers and their preferences, Saboo said that 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 travellers.
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First Published: Sun, May 09 2010. 01 10 PM IST