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Ethos Annual Report 2023 Summary

  • Ethos Limited, India's largest luxury and premium watch retailer, has been operating since FY 2003. They maintain a presence in 20 Indian cities with 54 physical stores and offer an omnichannel shopping experience through their website and social media platforms.

  • Ethos boasts a diverse portfolio of over 60 premium and luxury watch brands, including 40 exclusive ones that can only be found at Ethos. They provide access to more than 7,000 SKUs of premium, bridge to luxury, luxury, and high-luxury watches. Notably, they have been selling certified pre-owned luxury watches since FY 2019.

  • Ethos has established significant partnerships, including collaborations with Messika and Rimowa to offer high-end jewelry and travel accessories in India. They have also inked exclusive deals with renowned watch brands such as Jacob & Co., Bell & Ross, NORQAIN, Trilobe, Tutima, and Speake-Marin.

  • Their website stands as India's largest platform for premium and luxury watch shopping, attracting millions of users and providing expert assistance online and in boutiques.

  • Ethos has experienced remarkable financial performance, becoming the largest player in the premium watch market and expanding its presence in multiple cities. In FY23, they reported impressive sales of Rs. 917.5 Cr, marking a remarkable 36.5% YoY growth. Their EBITDA also reached a new high at Rs. 129.5 Cr, with a significant 63% YoY growth.

  • Ethos aims to further expand its retail footprint, diversify its product portfolio, and concentrate on certified pre-owned luxury watches. Their vision is to capitalize on the increasing demand for entry-level and mid- to high-range products in the premium and luxury segment by expanding their retail presence.

  • FY23 has solidified their belief in the robust growth potential of their business, driven by the transformation of the Indian luxury watch market. Their portfolio of brands, omnichannel presence, top-notch customer services, competitive pricing, and the trust associated with the Ethos name converge to create an environment of sustained growth and profitability.

  • Ethos offers high-end watch services with experienced horological experts, has ventured into luxury travel accessories and jewelry, operates the Club ECHO loyalty program, and maintains a dedicated team of watch consultants to provide personalized assistance.

  • Ethos has witnessed an expansion in its customer base, thanks to its exclusive partnerships with many Swiss brands in India. Their after-sales service has garnered significant attention and contributed to enhanced customer satisfaction. The company's pan-India presence through both physical stores and digital platforms has resulted in a substantial increase in clients, with a notable 46% being repeat customers.

  • In 2023, They have added six new stores and forayed into three new cities during FY23, are in Indore, Siliguri and Bhopal. Hence, taking the total count of stores to 54 and expanding our presence to 20 cities. Their Club Echo program expanded to 3 Lacs members.

  • The growth in the number of high-net-worth individuals in India has driven demand for premium and luxury watches. Ethos responded by streamlining its purchasing and production processes, maintaining quality, and optimizing inventory management, resulting in improved gross margins.

  • Ethos is committed to sustainable growth by tapping into untapped markets across various Indian cities. They plan to open 40 new retail stores by FY25, recognizing the rising purchasing potential in metros, Tier I, Tier II, and even Tier III cities.

  • Ethos has accelerated online sales, engaging more than 23 million watch enthusiasts through their website in the past year.

  • Ethos' marketing plans for FY 2024 include establishing themselves as thought leaders by delivering high-quality and relevant content across all marketing channels. They aim to broaden their target audience beyond watches and position Ethos as India's luxury shopping destination.

  • The company is in the process of developing the Ethos Mobile App to enhance user engagement and convenience. The app will feature dynamic product pages, a chatbot, virtual try-on capabilities, and integration with the Club Echo loyalty program.



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