Chandigarh-based Kamla Dials and Devices (KDDL) said that it has hived off its watch-retailing venture into a separate entity called Kamla Retail, and plans to invest around Rs 70 crore over the next three years for setting up additional stores.
The newly formed Kamla Retail will control all retail ventures of the company including the Ethos Swiss Watch Studios, the luxury multi-brand retail outlets for Swiss watches in India.
Yashovardhan Saboo, chief executive officer, Ethos Swiss Watch Studios, said: “The company is going on an expansion drive, which will see the number of Ethos and Summit shops going up to 23 from the existing 17, by the end of this fiscal.”
Sharing plans, Saboo informed that Ethos is also venturing into travel retail and has just opened its first multi-brand, duty-free store at the new international airport near Bengaluru. “We will have such stores in major international airports, including Delhi, Mumbai and Hyderabad,” Saboo said.
The company is looking to increasing its annual turnover to Rs 250 crore by 2010-11.