Ethos Limited, incorporated on November 5, 2007, and promoted by KDDL Limited, stands as India's largest luxury and premium watch retail player. The company held a 13% share of total retail sales in the premium and luxury segment and 20% in the exclusive luxury segment in FY20. Initially established as Kamla Retail Limited in 2007, the company was renamed 'Ethos Limited' with a Revised Certificate of Incorporation issued by the Registrar of Companies, Himachal Pradesh, on March 5, 2012.
Ethos operates as India's premier luxury watch retailer, cultivating a sophisticated retail ecosystem for watch enthusiasts and luxury consumers. The company delivers a content-led retail experience through its online and physical presence, offering an omnichannel experience via its website and social media platforms. Ethos operates a chain of luxury watch boutiques, with its business encompassing the trading of watches, accessories, and luxury items, along with marketing, support services, and after-sales service.
Ethos boasts an impressive and diverse portfolio of luxury timepieces from the world's most prestigious manufacturers. Its offerings include a wide range of premium and luxury watches, retailing over 50 watch brands. Notable brands in its portfolio include Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F. Bucherer, Tissot, Raymond Weil, Louis Moinet, and Balmain, among others. The company retails nearly 70 premium and luxury watch brands in total.
Beyond traditional watch retail, Ethos has strategically diversified its offerings to include certified pre-owned luxury watches. The company initiated its first luxury retail watch store in 2003 and launched its pre-owned luxury watch retail business in 2019. In addition to its premium and luxury watch retail operations, Ethos also manages the retail of certified pre-owned luxury watches from its 'Certified Pre-Owned' ("CPO") luxury watch lounge located in New Delhi.
Ethos has established a robust and expanding retail presence across India's major markets. The company currently operates 73 retail stores spread across 26 cities in India, including key metropolitan areas such as New Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, and Kolkata. This represents an increase from 59 stores in FY24. Ethos has also entered new markets like Dehradun, Kochi, and Mangaluru.
The retail network is structured across various formats to cater to different market segments. This includes 50 stores categorized as 14 Ethos Summit Stores and one Airport store, 15 multi-brand outlets, and 10 Ethos Boutiques, all of which house bridge-to-luxury and premium brands. Additionally, there are 9 luxury segment mono-brand boutiques dedicated to a single luxury watch brand, and 1 CPO luxury watch lounge for pre-owned watches. Ethos also has a duty-free presence with a second boutique at Bengaluru International Airport.
Ethos has made significant investments in establishing world-class service infrastructure to complement its premium product offerings. The company operates state-of-the-art service centers staffed by certified watchmakers with extensive experience from leading global watch brands. These service centers are equipped with the latest machinery imported from Switzerland. The company's horological engineers possess experience at leading global watch brands, ensuring high standards of technical expertise.
The technical team comprises certified professionals with a wealth of experience. Expert watchmakers at the service center hold certifications from prominent brands such as Omega, Tissot, Longines, and Rado, among other global luxury brands, and possess a minimum of 10 years of work experience. The service center has also received official authorizations from several leading global watch brands, underscoring its capabilities and trustworthiness.
Ethos has demonstrated stellar growth in FY25, with revenue surging by 25.3% Year-on-Year (YoY) to ₹1,251.6 crore. EBITDA rose by 22.3% to ₹214.4 crore. Profit After Tax (PAT) stood at ₹96.3 crore, an increase of 15.6% YoY, with PAT Margins at 7.5% (compared to 8.1% in FY24).
For Q4 FY25, Ethos Ltd's revenue experienced a significant jump of 21.57% compared to the same period last year, reaching ₹317.35 crore. Ethos Ltd's net profit also rose by 8.18% year-on-year to ₹22.75 crore in Q4 2024-2025. The net profit margin for Ethos Ltd in the Q4 results of 2024 was 7.17%.
As per recent market data, Ethos holds a market capitalization of ₹7,282.91 crore. The stock is trading at 7.50 times its book value. Promoter Holding stands at 50.6% as of March 2025.
The company continues to pursue aggressive expansion plans to capitalize on India's burgeoning luxury market. In FY25, Ethos expanded its retail footprint to 73 boutiques across 26 cities, entered three new markets (Dehradun, Kochi, and Mangaluru), and is set to open eight new stores in May 2025. This expansion includes the opening of a flagship Messika jewelry boutique in Delhi, signaling Ethos's strategic push into the luxury jewelry segment to complement its watch offerings.
This growth strategy is well-supported by India's expanding affluent population. India is emerging as the Swiss watch industry's next significant growth market, driven by various factors, including the forecasted increase in affluent Indians, which is expected to reach 100 million people by 2027. This growth is fueled by ongoing store expansions, an increase in average selling prices (ASP), and robust demand from high-net-worth individuals (HNIs).
Ethos has firmly established itself as the undisputed leader in India's luxury watch retail segment. The company is successfully executing a winning strategy that combines luxury retail expansion, premium brand curation, and digital integration. The ambitious "10x revenue" vision, championed by MD & CEO Pranav Saboo, appears achievable given India's booming appetite for luxury goods.
Ethos's competitive moat is built upon exclusive brand partnerships, strategically chosen retail locations, and comprehensive service capabilities. In FY25, Ethos made significant strategic moves by adding six exclusive watch and jewelry brands to its extensive portfolio. The company is also strategically focusing on enhancing its inventory management to address elevated levels and improve its return on capital employed, as it continues to refine and iterate on its growth strategy.
