Mumbai: Kamla Retail, the retail arm of watchmaker KDDL, plans to scale-up its standalone stores to 60 in the next three years and is eyeing breakeven in FY’11.
“We are planning to open 40 stores in all major metros and tier-I and tier-II cities, where the demand for luxury watches is growing at an impressive rate. The stores will be a mix of large- and small-format stores,” Kamla Dials and Devices Ltd (KDDL) managing director Yashovardhan Saboo said on the sidelines of the launch of luxury watch brand Carl F Bucherer here.
KRL operates two type of stores—Ethos Swiss Watch Studios, the largest retail chain for fashionable Swiss watches and Ethos Summit, an independent luxury watch boutique.
“We will invest over Rs35 crore over the next three years. The funding will be a mix of both debt and equity,” he said, adding that the company would breakeven in FY’11.
Last fiscal, KRL clocked a revenue of Rs51 crore and is expecting to post over Rs70 crore this fiscal.
“KRL enjoys 15-20% share of the total Rs400 crore luxury watch market,” he said.