We aim to grow our network in tier 2 cities: Pranav Saboo
In an exclusive conversation Pranav Saboo, Co-Founder, Ethos Watch Boutiques sheds light on growing share of luxury timepiece retailing in India.BY Shipra Srivastava | October 09, 2017 | comments ( 0 ) |
How do you see the market of luxury watch retailing is growing in India? What would the estimated market share of Ethos in overall market?
Ourcustomers are steadily increasing in the country with increased awareness and interest towards luxury. Like jewelry; watches are also being considered as an investment, thereby increasing the demand. Ethos is India's largest retail chain of luxury watches and an authorized retailer of over 60 luxury watch brands across over 40 stores.
According to you what are the major challenges when it comes to luxury timepiece retailing?
The biggest challenge is the sale of counterfeits and refurbished watches by other retailers, that is a common challenge that most luxury retailers face in today's day and age.
Recently, Ethos has raised undisclosed amount from KDDL. How do you plan to invest the raised fund?
We are planning on increasing the points of sale in tier 2 cities in the coming 3-5 years. Along with that; our aim is to give India access to new watch brands, so introduction of new brands is important. Our digital platform receives upwards of 1.3 million visits annually so investment in the digital space is also a critical part of the plan.
Kindly shed light on your current footprint in online as well as offline channel? How you plan to scale-up the footprint?
As mentioned above, our website attracts upwards of1.3 million visits annually .It is the first of its kind to offer visitors a comprehensivebuying experience through various niche services including a highly-specialized team of luxury watchconsultants, Our in house digital magazine The Watch Guide curates relevant and exclusivecontent for watch enthusiasts and collectors. In addition to this, the website provides benefits like EMI,watch insurance and after sales service to its customers through its dedicated service facilities across India. We understand the importance of digitalization, so we are constantly on a quest to do something new and innovative to keep our customers engaged.
Have you explored the franchised model yet? If not, any plans to?
It's currently a work in progress. The FOCO model is being considered. In this model the investment is made by the franchisee (investor), and the operations are handled by Ethos. It's a win-win situation for Investor and Ethos.
Also shed light on your brand portfolio? Also mention your best performing brand?
Our Watch Boutiques house brands such as Rolex, Omega, Breitling, Chopard, Carl F. Bucherer, Cartier,and others in the luxury space. In the premium segment, we offer TAG Heuer, Longines, Tissot, Rado andSeiko, to name a few. In the fashion segment, the brands available include Guess, CK and Armani.
Oris and Rolex do well in India and are Ethos' best performing brands.
At last, mention your growth plans?
The two primary goals as of now are to expand and open more stores in tier 2 cities, to increase availability and accessibility. Introduction of new watch brands be it in the luxury or premium segments is also a big focus area.