Jaipur Launch Anchors a High-Speed Expansion Cycle
Ethos Limited has opened its 97th boutique in Jaipur’s Vaishali Nagar, marking the largest luxury watch store in Rajasthan (~8,000 sq. ft.) and bringing to a close one of the fastest expansion bursts seen in India’s premium retail segment.
The Jaipur opening is not a standalone milestone. It caps a sub-60-day rollout that has taken the company from its 90th boutique in New Delhi to 97 stores, with launches across Kanpur, Srinagar, Mumbai (Beach Candy), Jodhpur, Faridabad, Agra, and Jaipur.
From Statement to Execution
At the time of the 90th store launch, Managing Director and CEO Pranav Shankar Saboo had set the pace:
“We have an intense period ahead… Onwards to 100 and then 200.”
The subsequent expansion demonstrates that this was not just intent, but a tightly sequenced execution plan. With 97 stores now operational, Ethos is within immediate reach of its 100-store milestone, a scale that few specialised luxury retailers in India have achieved.
Financials Point to Consumption-Led Growth
Ethos’ rapid store additions are backed by strong financial performance. The company reported ₹1,251.6 crore revenue in FY25, up 25.3% year-on-year, crossing the ₹1,000 crore mark with momentum.
Importantly, growth is not purely expansion-led. Same-store sales growth of 17.4% indicates strong underlying demand across existing locations.
Margins have remained resilient, with EBITDA at ₹214.4 crore and margins at ~16.8%, despite aggressive rollout. Profit after tax stood at ₹96.3 crore, reflecting steady earnings growth alongside scale expansion.
Looking ahead, estimates suggest FY26 revenues could reach ₹1,550–1,600 crore, maintaining a ~25% growth trajectory on a higher base.
Premiumisation Driving Ticket Sizes
A key driver of Ethos’ growth is premiumisation. The average selling price has crossed ₹2 lakh per watch, while luxury and high-luxury segments now account for nearly 70% of sales.
This reflects a shift in consumer behaviour—from entry-level purchases to higher-value acquisitions and collecting. Watches are increasingly seen as assets and expressions of identity, rather than occasional accessories.
Ethos’ Summit portfolio, which includes independent and haute horlogerie brands, is central to this shift, helping drive both ticket size and customer engagement.
Jaipur Flagship: Scale Meets Experience
The Jaipur boutique embodies Ethos’ evolving retail philosophy. At ~8,000 sq. ft., the store is designed as a destination-led experience, featuring brands such as Omega and Jacob & Co, alongside the broader Summit portfolio.
The format focuses on immersive engagement—private consultations, curated brand environments, and storytelling-led merchandising—moving beyond transactional retail.
The scale of the store reflects growing confidence in Jaipur as a luxury consumption hub, supported by rising affluence, wedding-driven spending, and increasing exposure to global brands.
Expanding the Luxury Map
Ethos’ recent expansion underscores a deliberate strategy to broaden access to luxury watches beyond traditional metros.
Cities such as Agra, Kanpur, and Jodhpur represent underpenetrated markets where demand exists but organised retail has been limited. By establishing an early presence, Ethos is positioning itself as the primary access point for global watch brands.
At the same time, continued expansion in locations such as Mumbai’s Beach Candy ensures strong visibility in established luxury markets. This dual strategy—depth in metros and expansion into emerging cities—is enabling the company to capture a wider consumption base.
A Structured Retail Model
Ethos Limited operates a hybrid retail architecture that balances scale, curation and brand depth:
- Ethos Watch Boutiques — multi-brand format driving reach
- Ethos Summit — premium, curated format focused on high-value and collector segments
- Exclusive brand boutiques (EBOs) — mono-brand and co-branded formats for leading global watchmakers
Its EBO portfolio spans leading global watchmakers and luxury brands, including boutiques for Rolex, Omega, Hublot, Breitling, Rado, Tissot and Longines, a combined Jaeger-LeCoultre–Panerai boutique, as well as Bell & Ross, Oris, Tudor, Ulysse Nardin and H. Moser & Cie., along with a Messika boutique at The Chanakya, New Delhi.
The network reflects a mix of single-brand and co-branded formats (such as Jaeger-LeCoultre–Panerai), enabling efficient space utilisation while maintaining distinct brand identities. A significant cluster of these boutiques is located within “City of Time” in Gurugram, a destination-led luxury watch precinct that anchors Ethos’ positioning in the high-end segment.
This EBO strategy complements the multi-brand and Summit formats, allowing Ethos to deepen global brand partnerships, expand assortment depth, and deliver differentiated, experience-led retail—while scaling reach and strengthening customer engagement across markets.
A Category in Transition
India’s luxury watch market is moving from a fragmented, niche segment to a more organised and scalable category. Ethos, with nearly 100 stores and partnerships across 70+ global brands, is playing a central role in this transformation.
Its expansion is improving access, standardising retail experiences, and broadening the consumer base—key steps in formalising the category.
Looking Ahead
With the 100-store milestone imminent and a long-term vision of 200 stores, Ethos is entering a new phase of growth.
The Jaipur launch signals more than just another store opening. It reflects a broader shift—where luxury watch retail in India is becoming more accessible, more experiential, and more widely distributed.
As the market expands, Ethos is positioning itself not just to participate in this growth, but to define it.
