Ethos launches Carl F Bucherer watch priced over Rs 23 lakh

The watch retailer that operates the 'Ethos' chain of multi-brand watch stores said it will open 75 new outlets in the next four years across India entailing an investment of Rs 40 crore.CFB that sells about 15,000 watches across the globe every year has an exclusive tie-up with Ethos in India.

"The new watch -- Patravi TravelTec FourX -- has been launched to target frequent flyers and globe trotters, " CFB Executive Vice-President David Vallata told reporters here.
The new watch is priced at Rs 23,52,000.

According to a recent CII-A T Kearney report, the luxury watch market in India is estimated at USD 54 million (about Rs 240 crore) at retail prices.

Recently, Swiss watchmaker Audermars Piguet had launched its new collection with a single timepiece priced up to Rs 2.1 crore, which has been endorsed by Sachin Tendulkar.
Commenting on expansion plans, Ethos Chief Executive Officer Yashovardhan Saboo said the chain plans to have 100 stores across India in four years time.

The chain currently has twenty four stores that sell about 35 watch brands through the Ethos Swiss Watch Studio (for Swiss fashion watches) and Ethos Summit (for premium Swiss brands) in 2003.

"The expansion plan will depend on the pace of growth of commercial projects in the country, but we hope to have 100 company owned Ethos multi-brand stores across India," he said.

The company currently has stores at Bangalore, Chandigarh, Delhi, NCR, Ludhiana, Mumbai and Hyderabad and it will expand further into tier-two cities also.

"The expansion will entail an estimated investment of about Rs 40 crore," Saboo added.
KRL also manages an exclusive Omega store in Mumbai and Rolex outlet in Bangalore.
For the financial year ended March 2010, the company's watch business registered sales of Rs 74 crore. It hopes to grow 50 per cent on an year on year basis. "We hope to close the current fiscal at over Rs 100 crore," Saboo added.

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