22 May 2026, Mumbai
Ethos Limited has officially inaugurated its 100th boutique in Indore, reaching a defining milestone in the company’s two-decade journey within India’s luxury retail landscape. This expansion highlights the firm's aggressive scaling strategy, which has seen its pan-India network grow from 79 outlets in FY25 to a centennial milestone today. The new Indore facility features a curated portfolio of prestigious international timepieces, reinforcing Ethos’ commitment to bringing global luxury brands closer to India’s rising demographic of watch enthusiasts and collectors. By diversifying its presence across 32 cities, the company continues to transition from a traditional sales model to an experience-led retail ecosystem, a strategy cemented by the success of its expansive ‘City of Time’ destination in Gurugram.
Driving growth through strategic diversification
The push toward 100 stores is supported by robust financial momentum, with the company reporting a 33 per cent Y-o-Y revenue increase in the March 2026 quarter. While navigating short-term margin pressures - largely attributed to currency fluctuations - Ethos is leveraging the benefits of early India-EFTA trade agreements and a shift toward higher-margin exclusive brand partnerships. As the average selling price for its luxury portfolio climbs to approximately ₹2.07 lakh, the company is also diversifying beyond timepieces. Its recent forays into premium jewellery via Messika and luxury travel gear through a partnership with RIMOWA signal a broader objective to capture a larger share of the luxury lifestyle market. This multifaceted approach, combined with healthy same-store sales growth, provides a stable foundation for sustained expansion in the coming fiscal year.
Largest luxury watch retailer in India
Ethos Limited is India’s largest luxury and premium watch retailer, founded in 2003. It operates a vast network of boutiques, including mono-brand, Summit, and Haute Horology formats. The company partners with over 75 global brands and is increasingly expanding into luxury jewellery and high-end luggage to serve the discerning Indian consumer.
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