Ethos to double store network to 200 in 3-4 years as smartwatch threat fades
Luxury watch retailer Ethos crossed 100 stores and plans aggressive expansion, adding 25 new outlets as Swiss watch imports to India hit ₹3,500 cr in 2025. FY26 revenue rose to ₹1,612 cr from ₹1,251 cr, though profit stayed flat at ₹96 cr. Launching youth-focused 'Our Studio' format and pushing deeper into jewellery and luggage.
What happened
Ethos crossed 100 stores and plans to double its network in 3-4 years as smartwatch threat fades. FY26 revenue hit ₹1,612 crore but profit stayed flat at ₹96
Key facts
- 100 stores
- FY26 revenue ₹1,612 crore
- FY25 revenue ₹1,251 crore
- profit ₹96 crore
- 25 new stores
- 98 stores across 32 cities
- Swiss watch imports ₹3,500 crore in 2025
- Q1 2026 imports ₹1,035 crore / 84.9 million CHF
Why this matters
Ethos's 100-store moat plus Swiss brand relationships make it the consolidation anchor in Indian luxury retail—scope partnerships or stake plays in adjacent jewellery/luggage labels riding their distribution.
Also reported by
- Mint · Companies — Same time