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Kamla Dials Spins Off Watch Retail Venture
Posted by Pradeep Sadanapalli | July 10, 2008 | 391 views
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Loading ...Chandigarh-based Kamla Dials and Devices (KDDL) on Wednesday said it has hived off of its watch retailing venture into a separate entity, with plans to invest Rs 70 crore over the next three years for setting up additional stores.
The newly formed Kamla Retail, a subsidiary of the KDDL, would control all retail ventures of the company, including the Ethos Swiss Watch Studios — the luxury multi-brand retail for Swiss watches in India.
“The company is going on an expansion drive, which will see the number of Ethos (prestige segment) and Summit (luxury segment) shops going up to 23 by the end of this fiscal, from the existing 17,” Ethos Swiss Watch Studios Chief Executive Officer Yashovardhan Saboo said.
Ethos is also venturing into travel retail and has just opened its first multi-brand duty-free store at the new international airport near Bangalore.
“We will have such stores in major international airports, including Delhi, Mumbai and Hyderabad very soon. The travel retail sector is growing at 10 per cent annually in India and we want to tap the market,” Saboo said.
He said Kamla Retail would help in streamlining sales and marketing of 35 Swiss watch brands being sold from the firm’s exclusively owned stores and boutiques. The company retails brands such as Swatch, Tagheuer, Cartier, Omega and Longines amongst others.
“We are looking at growing by 70-80 per cent every year and increasing our annual turover to Rs 250 crore by 2010-11, up from Rs 35 crore last fiscal. For this we are investing Rs 70 crore in increasing the total number of our stores during this period,” Saboo said.
SOURCES:
Economic Times
Topics: Consumer Market, Business News |
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