Ethos opens 100th Indore boutique, targets 35 stores

Ethos marks 100 boutiques with Indore opening

Ethos Limited, India’s largest luxury watch retailer, has opened its 100th boutique in Indore, according to an announcement from New Delhi dated May 21. The company said the store is a milestone in its expansion and in its push to offer what it calls a premium watch retail experience across India. The Indore location adds to a network that now spans 32 cities. Ethos positions the new boutique as a destination for international watch labels across luxury, premium, and sports categories. The company’s scale matters because luxury watch buying in India has become more organised, with service, authenticity, and selection increasingly influencing purchase decisions.

What the Indore boutique offers

Ethos said the Indore boutique will carry a range of prestigious international watch brands across multiple segments. While the company did not publish a brand list for the specific store in the provided text, it described the assortment as spanning luxury, premium, and sports watches. The opening aligns with Ethos’ broader model of mixing multi-brand retail with specialised formats. Over time, the retailer has developed mono boutiques, “Summits,” and Haute Horology boutiques to serve different customer profiles. The Indore launch is also positioned as part of a city-by-city strategy, aimed at reaching a wider base of enthusiasts and collectors beyond the largest metros.

From one boutique to a pan-India footprint

Ethos was founded in 2003 and is publicly listed on BSE and NSE since May 30, 2022, with the tickers BSE: 543532 and NSE: ETHOSLTD. The company describes its growth as a steady expansion from a single boutique to a national network. It also highlights a widening portfolio of international brand partnerships, now stated as 75+ premium luxury watch brands. Across the provided material, the portfolio size is described in different ways, including “over 70 brands” and “over 60 watch brands,” reflecting how the lineup and disclosures have evolved over time. Ethos’ claim of operating 100 boutiques in 32 cities is presented as its current scale.

Flagship format: City of Time in Gurugram

A key part of Ethos’ retail identity is “City of Time” in Gurugram, which it calls India’s first and only 22,000 sq. ft. luxury watch lifestyle destination. The company says the venue brings global watchmaking together with curated luxury experiences. It includes a dedicated watchmaking zone, a cigar and private viewing lounge, and an in-house bar, among other features. The concept signals Ethos’ focus on experience-led retail rather than only transactional selling. For a category where buyers value brand heritage and after-sales support, these formats can be a differentiator, especially for high-ticket and collector purchases.

Market share claims and what management has said

In an earnings call in May 2025, managing director and chief executive Pranav Saboo said Ethos has “cornered” a 35–40% share of India’s luxury watch segment, as cited in the provided text. Separately, another statement in the material claims Ethos has “nearly 40%” share, and one passage refers to 35–40% share as well. These are management statements and should be read as such. In contrast, the company’s listing-related description included in the provided material points to a different set of reference points for FY2020: a 13% share of total retail sales in the segment of premium and luxury watches, and 20% share exclusively in the luxury segment in that financial year. Together, these data points show how the company frames leadership using multiple market definitions and time periods.

Expansion plans: 30–35 stores in three years

Ethos has said it will open 30–35 new stores over the next three years, aiming to extend its network as the luxury watch category recovers and grows. The rationale for expansion, as explained by management in the provided text, is based on three trends. First, wealth and income levels in India are reaching a threshold, with growth described as disproportionate in higher income groups. Second, buyers increasingly see value in purchasing in India, with prices and range said to be comparable to global cities, plus local after-sales service. Third, Ethos believes its combination of digital presence and the largest physical network gives it an advantage over competitors.

Premiumisation: higher average selling prices and faster growth at Rs 10 lakh+

Ethos’ management has linked growth to changing consumer behaviour after the Covid-19 period, with buyers seeking more material comfort, as cited in the text. It also pointed to social media helping people view watches as collectibles and investment items. Yashovardhan Saboo, chairman and managing director, is quoted in the provided material as saying the company’s average selling price increased from Rs 75,000 to more than Rs 1.5 lakh over the last three-and-a-half years. He also said the fastest-growing segment in its portfolio was the Rs 10 lakh plus price point, which grew 400% over the last four years. These figures indicate a shift in mix toward higher-priced watches and suggest that store expansion is being paired with a push into higher value categories.

Key facts snapshot

Footprint references across different periods

The provided material includes multiple store-count and city-count references from different points in time, indicating rapid scaling over several years. Ethos is described as operating 50 stores across 17 cities in one passage and 54 stores in another. A separate excerpt refers to 74 stores across India, including nine multi-brand and boutique stores in Delhi alone. The latest company update says Ethos operates 100 boutiques across 32 cities. Read together, these figures show a pattern of sustained rollout into both established and emerging markets.

Market context: rebound after Covid curbs and rising luxury demand

Ethos’ planned rollout is positioned against a rebound in luxury watch demand after Covid-19 curbs hit sales twice in 2021, as stated in the text. The material also cites luxury watch market growth of 34% in the first eight months of 2022. In that context, Ethos said it planned to bring the Grand Prix d'Horlogerie de Genève (GPHG) to India with an exhibition of finalists for the 2022 awards. The combination of higher growth rates, more informed consumers, and stronger brand activity in India supports the retailer’s push into more cities. But the company’s messaging also suggests that after-sales service and access to authentic, officially sourced inventory are key parts of why customers increasingly prefer buying domestically.

Analysis: why the 100th boutique matters for investors and the sector

Reaching 100 boutiques is a tangible indicator of execution, particularly in a category where store format, brand relationships, and service capability shape competitive advantage. Ethos’ disclosure of 75+ brand partnerships highlights the breadth of supply relationships, while references to ultra-luxury names and independent brands in the provided text underline its positioning across price bands. Management’s comments on average selling price moving above Rs 1.5 lakh and strong growth at the Rs 10 lakh plus level add context on product mix, which can influence store economics. The expansion thesis presented by Ethos leans on macro factors like rising wealth and on category-specific shifts like Indian pricing parity with global markets. For the wider retail landscape, the company’s move into tier 2 and tier 3 locations mentioned in the provided text reflects a broader diffusion of luxury consumption beyond top metros.

Conclusion

Ethos’ 100th boutique opening in Indore marks a scale milestone and reinforces its stated strategy of expanding across India with a mix of formats and a broad brand portfolio. The company has also reiterated plans to add 30–35 new stores over the next three years, supported by management’s view of rising high-income consumption, stronger domestic buying preference, and the advantages of combining digital reach with a large physical network. Investors and industry watchers will track how quickly Ethos converts new-city entries into sustained sales, especially as the company points to premiumisation and faster growth in watches priced above Rs 10 lakh. The next key reference points are further store-opening announcements and updates from management on rollout pace and portfolio additions.