Ethos plans to enter pre owned watch market, targets Rs 100 crore revenue
today Apr 27, 2018
India’s leading luxury watch retailer Ethos Watch Boutiques is planning to enter the premium second hand watch market and targeting to generate revenue of Rs 100 crore from this segment in next five years.
Ethos, run by watch components supplier KDDL, is the authorized retailer of over 70 luxury watch brands in India including Rolex, Omega and Rado, operating 45 premium stores in 14 cities.
“With pre-owned watches, we are creating a market for watches to be treated as an investment. We will certify every pre-owned watch it sells and also provide a two-year warranty,” Pranav Saboo, co-founder of Ethos Watch Boutiques was quoted as saying by Livemint.
According to Saboo, WatchFinder, the biggest retailer in UK, is already doing a $100 million business in pre-owned watches. The potential is large in India too, says Saboo, who is looking at revenues of Rs75-100 crore from the vertical in the next five years.
Ethos recently partnered with luxury watch brands like Festina, MeisterSinger and Junghans. It is expecting partnerships like these to boost sales and contribute around 15 percent to the company’s revenues.
“We now have 12 exclusive partnerships compared to four years ago,” said Saboo, who plans to add over half a dozen more in the coming financial year. “In the next 2-3 years, we will get a quarter of our revenues from these partnerships as compared to 10-12% now,” said Saboo.
The retailer ended the financial year 2018 with revenues of Rs 400 crore, 20% more than the previous year, said Saboo.
Over the next 18 months, the retailer plans to open another 25-30 stores, taking the total store count to 70 by 2020. It expects to cross Rs 1000 crore (approx $ 153 million) in revenue by the end of 2020.
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