Swiss Military Consumer Goods

Incorporated in January 1989, ‘Swiss Military Consumer Goods Limited’ (formerly ‘Network Limited’) had been taken over by the present promoters in September 2020. It is Headquartered in New Delhi. It is trying to find a firm placing in the immensely competitive yet significantly stimulating Indian market.
The brand symbol in itself makes it an aspirational brand for the Indian middle class.

The opportunity size or the TAM (Total Adressable Mkt) is huge. Swiss Military Consumer goods places themselves to the customers as a Premium Brand at an affordable price.

Growth strategy

Presently, the brand has a presence across 1,000 touchpoints.

The company is eyeing 10,000 touch points by March 2024. It is yet to be seen if they will be able to achieve it.

The product mix is a very diverse range, however, for a very small market cap company, they have been able to rope in Randeep Hooda as their brand ambassador.

A simple search for Swiss Military yields a large number of products up for sale.

At the first look of it, the products have been prepared with an aesthetic sense and ergonomic designs.
The India room heater market size was estimated at USD 90.6 million in 2022. During the forecast period between 2023 and 2029, India room heater market size is projected to grow at a CAGR of 8.1% reaching a value of USD 151.8 million by 2029. The demand for room heaters is increasing at a high rate in India owing to the rising disposable income and increasing launches of new and affordable products and brands.

It would be interesting to see how their newly launched oil radiator heaters do in the market.

India being the fastest growing economy, the inceasing pay levels, penetration of electronic devices and laptops, are all growth trigger for the company, for its extensive range of laptop bags. India in future is going to be a net exporter of laptops and tablets. India’s laptop, tablet exports to reach $100 billion by 2025: ICEA report | Laptops-pc News
Laptop bags go as a complementary product. The scale at which the company can produce, the Swiss Military brand tag, places the company in a sweet spot to tie up with one of the reputed laptop producers to offer its products.

The promoters seem passionate about what they are doing and their push is visible in increasing revenues.

To be continued…


Thanks for sharing this Vivek. I’ve also been following this stock from few days.
What is not very clear is what are they really manufacturing and what are they just sourcing and branding it to sell online.
The Fixed assets of <= 1cr and asset light model as per the latest Investor presentation, it seems like they’re just a trader trying to in-cash the brand name.
Any deep insight on the operations will be helpful.

The company is supplying its products through corporate gifting. This Diwali corporate gifting and upcoming New Year gifting trends to be seen in Q3 results.

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I had invested earlier in it, but exited due to trademark litigations issue. Company should perform good but there will always be a regulatory issue with the trademark.


I am trying to understand the story here.
Swiss Military appears to be an aspirational lifestyle brand selling upper-end lifestyle products. But they also sell everything under the sun, fans, egg boilers, smart TVs, mixer grinders, irons etc.

  • Do they not have a proper brand strategy?
  • How does this tie into the aspirational brand story here?
  • What’s the road map?

Business Background
Mr. Jacques Boegli of Moutier, Switzerland started making Swiss Made watches under the brand ‘SwissMilitary’ in the year 1984. The brand grew with Mr. Jean-Luc Bögli, son of Mr. Jacques Bögli an enthusiast of diverse outdoor activities himself, after he launched his first clothing line in a range that was set to grow exponentially.

Gradually both the scale and scope of operations grew rapidly on a global scale owing to the unique brand positioning that Swiss Military attained over the years. Today, Swiss Military is a brand that is widely patronized by those who value affordable luxury, versatility & uniqueness of design and a one stop shop for a Men’s Lifestyle brand.

Over the past 30 years of the brands existence, it made a strong presence in 26 countries globally, with brand registrations in 40 countries and over 600 retail stores in Europe alone across various product segments namely Travel Gear, Writing Instruments, Watches, Garments, Accessories, Kitchenware, Eye Wear, Leather Goods,Outdoor/Hiking, Footwear, Cosmetics & Electronics with over 1200 present SKU’s in the global portfolio.Now, Swiss Military Consumer Goods Limited is engaged in trading and marketing of various lifestyle product such as travel gear, baggage, leather accessories, sunglasses, electronics, protective masks and other related products under the the internationally renowned and celebrated brand Swiss Military. Recently, the company have acquired 100% shareholding of AAA Shenyang Container Seal Private Limited and established a wholly owned subsidiary of the Company for RFID Seal business.


Ashok Kumar Sawhney: Chairman, Non-Executive Director: Mr. Ashok Kumar Sawhney, aged about 84 years, is aDirector of the Company. He is instrumental inmaking ‘Swiss Military’ a globally recognised,renowned and celebrated brand. He is a visionary,eminent author, poet and entrepreneur.

Anuj Sawhney: Managing Director: Mr. Anuj Sawhney, aged about 49 years, is a Promoter Director of the Company. He is a Graduate of B.Com (Honours) from Sri Ram College of Commerce, Delhi and has completed his MBA from Owen Graduate School of Commerce, Vanderbilt University at Nashville, Tennessee. He has extensiveexperience of around 22 years.

Ashita Sawhney: Non-Executive Director: Mrs. Ashita Sawhney, aged about 50 years, is a Promoter Director of the Company. She graduated with BA (Honours) from Jesus & Mary College,Delhi. She has experience of around 13 years in business development, lifestyle branding and related business.


  1. Men’s innerwear: Among all products, men’s underwear is one of the high-growth categories in business.
  2. Home appliances: It include TV, iron, de-humidifiers, blenders, OTG, electric kettles, ceiling fans etc.
  3. Luggage and travel bag: Company is offering products that cater to the young demographics, corporate &leisure traveller, tourists etc.

SWOT Analysis


  1. Company is debt free.
  2. Company is expected to give good quarter.
  3. Company has delivered good profit growth of 57.3% CAGR over last 5 years.
  4. Growth in Net Profit with increasing Profit Margin (QoQ).
  5. Increasing Revenue every Quarter for the past 4 Quarters.
  6. Increasing profits every quarter for the past 3 quarters.
  7. Company with Zero Promoter Pledge.
  8. Strong reach in the market through the multichannel presence.
  9. Cater to a wide range of customers both in terms of affordability and lifestyles.
  10. Long and diverse business expertise in three verticals and more.
  11. Work in an asset-light model where manufacturing is outsourced to the partners.


  1. Stock is trading at 5.41 times its book value.
  2. Company has a low return on equity of 13.9% over last 3 years.
  3. Disruption in the supply chain can cause volatility in the operations of the Company.
  4. Greater exposure to E-commerce can cause a high number of refunds.


  1. The emergence of organized retail and E-commerce in India have opened a new horizon of opportunities for the Company.
  2. Many categories of quality products with competitive pricing created large demand for branded products in the market.
  3. Growing purchasing power of the Indian middle class and rapid urbanization.
  4. Association with a reputed globally recognized brand provides
  5. Company an easy access into the market and helps build a presence in the country.


  1. Most industry leaders and manufacturers in exist in these three divisions where the Company operates & have their own retail and E-commerce presence.

I am not a SEBI registered advisor and this report is solely for educational purposes. The information provided does not constitute any form of recommendation. Therefore, please conduct your own analysis before engaging in any trades or consult your financial advisor. I holds no responsibility for intended decisions and any resulting financial losses.

#nfa #dyor


Thank you for the detailed information. I’ve also invested just a tracking quantity and am waiting for some triggers to add more. I’m a little worried about companies overdiversification. Also, if the company can focus on the right products with a clear approach, this can lead to gaining more market share. If the company fails to do so, it’ll be harder to perform.

disc: I’m not SEBI registered, and it’s a biased comment.