Ethos hopes to stabilise in the new fiscal year, double turnover in three years
The multi-brand luxury watch retailer Ethos is hoping to recover from the previous year’s slump during the new financial year and, hoping for no surprises this year, aims to double turnover in the next three years.
The multi brand luxury watch retailer Ethos has reported that it is expecting to double turnover by 2021. This optimistic prediction comes following the trials of the previous financial year when the introduction of the Goods and Services Tax (GST) in July raised tax rates in the sector. The experience of Ethos, which carries international brands including Cartier, Rolex, Chopard, Omega, and Longines, mirrors that of many luxury watch retailers in India.
“The first six months of the year would be a washout as all we were doing was liquidating inventory and managing transition for GST,” said Ethos’ CEO, Pranav Saboo, in a statement. “Ethos was not profitable last year but we expect growth in the next few years. We are targeting over Rs 530 crore [approximately 79.7 million US dollars] of billing next year and the big goal in mind is to touch Rs 1,000 crore [approximately 150.3 million dollars] worth of billing transactions by 2021.”
Global watch retailers have had to grapple with changing regulations in India and so are hoping for a smoother year to allow them to regroup and in some cases expand.
Ethos describes itself as India’s largest chain of luxury watch boutiques and has 45 multi brand retail outlets across the country featuring 61 brands. The company has over 200 people and is listed on the Bombay Stock Exchange (BSE).
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