Ethos Crosses 100 Boutiques as India’s Organized Luxury Watch Market Continues to Expand

Ethos Limited has reached the milestone of 100 boutiques with the opening of its latest store in Indore, reinforcing its position as one of India’s largest organized luxury watch retailers. Founded in 2003 and listed on the BSE and NSE since 2022, Ethos today operates across 32 cities with partnerships spanning more than 75 international watch brands across luxury, premium, and sports categories.

"100 boutiques! A milestone that fills us with gratitude. To the people who laid the foundation before us. To our team of over 1000 passionate individuals across the country. To the brands who give us the privilege of representing their creations. And to the landlords and partners who trusted us with their spaces, relationships and vision. This journey has been built through years of hard work, resilience, learnings, setbacks, progress and an obsession with doing things the right way. Most importantly, it has always been driven by passion. A passion to keep improving. To keep raising the bar. To keep pushing luxury watch retail forward in India. While the 100th boutique is a proud milestone in our story, we see it as the beginning of an even more ambitious chapter. We are not slowing down after 100. We are accelerating ", Pranav Saboo - Managing Director and CEO.

The milestone comes alongside continued business expansion and audited FY26 financial results approved by the company’s Board of Directors on May 12, 2026. The company’s standalone and consolidated financial statements received an unmodified audit opinion from Walker Chandiok & Co LLP under SEBI Listing Regulations, reflecting compliance with applicable Indian Accounting Standards and financial reporting requirements.
 

Ethos’ latest filings also highlight the increasing scale of its operations through subsidiaries and strategic entities including Ethos Lifestyle Private Limited, Cognition Digital LLP, Micron Watch Services Private Limited, and Ficus Trading LLC.  A defining aspect of Ethos’ growth strategy has been its focus on experience-led retail. Its “City of Time” destination in Gurugram spans over 22,000 sq. ft. and represents India’s first luxury watch lifestyle destination, integrating retail, watchmaking, and collector-focused experiences.

The company’s expansion into emerging luxury markets such as Indore also reflects a broader shift in India’s luxury consumption landscape, where demand for premium products and organized luxury retail is increasingly growing beyond traditional metro markets. Beyond watches, Ethos has also expanded its luxury portfolio through partnerships with Messika and RIMOWA, signalling a broader push into luxury lifestyle retail.

As India’s affluent consumer base continues to expand, Ethos’ 100-boutique milestone underscores both the company’s long-term retail strategy and the increasing maturity of India’s organized luxury watch industry.