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Ethos Ltd.

By Shilpa Dhamija
Updated 21 Aug, 2026 • Published 14 Apr, 2026

Ethos Ltd is India’s largest retailer of luxury and premium watches. Ethos has over 86 stores in India. It is a publicly listed company in India. It has exclusive India partnerships with several luxury watch brands like Jacob & Co and H. Moser & Cie. Ethos Ltd is the authorized retailer for 70+ luxury brands, including Rolex (in select locations), Omega, Jaeger-LeCoultre, Panerai, Bvlgari, Rado, Longines, and Tissot.

Founded in 2003 by Yashovardhan Saboo, the Chandigarh-based company operates in the premium, bridge to Luxury, and luxury segments.

CONTENTS +

Brief history of Ethos Watches

The Ethos brand officially began operations in January 2003 as the retail division of its parent company, KDDL Limited. Its first luxury watch store was Chandigarh, a metro city located about 250 Kms north of New Delhi. KDDL is a watch-part manufacturer in India.

Who founded Ethos Ltd? +

  • KDDL is the parent company of Ethos Ltd. KDDL Limited (Kamla Dials and Devices Limited) and Ethos watches were both founded by Yashovardhan Saboo (he/him). While KDDL was founded in 1983, Ethos Watches started operations in 2003 with the launch of its first multi-brand luxury watch boutique in Chandigarh city, in North India.
  • When Ethos watches started retail operations in 2003, it was still part of KDDL. Ethos Limited was formally incorporated as a separate entity on November 5, 2007. It was originally registered under the name Kamla Retail Limited.
  • KDDL has factories in Himachal Pradesh and Karnataka and supplies watch parts to nearly every major Swiss watch manufacturer.
  • Ethos Ltd has over 86 stores across India making the single largest retailer of luxury watches in India.
  • Both KDDL Ltd. and Ethos Ltd are now separate legal entities and public listed companies

Financial results

In the financial year ending March 2025, Ethos Ltd. noted a 25.3% year-on-year increase in revenue compared to FY’24.

Ethos Ltd revenue & profits +

  • Financial year ending March 2025: Total Operating Revenue: ₹1,251.63 crore.
  • Ethos Limited reported a 25.3% year-on-year increase in revenue to ₹1,252 crores for FY 2025, supported by the opening of 14 new stores.
  • Net profit grew 18% to ₹98.3 crores.
  • Despite strong top-line growth, profitability was pressured by a 29.2% rise in depreciation and a negative operating cash flow of ₹20.7 crores.

Milestones

2026

By April 2026, Ethos successfully expanded its retail footprint to 93 locations nationwide, marked by the opening of its luxury boutique in Breach Candy, Mumbai.

2025

Launch of landmark boutique: In May 2025, Ethos unveiled “City of Time” in Gurugram, a massive 22,000-square-foot luxury destination. This flagship features exclusive brand boutiques, watchmaking zones, and a cigar lounge, redefining the luxury retail experience in India.

2025

Ethos acquired Dubai-based Ficus Trading LLC in June 2025 for AED 300,000 to spearhead its international expansion. As a wholly-owned subsidiary, it serves as the company’s strategic gateway to the Middle East, enabling Ethos to grow its luxury retail model within the high-growth GCC market.

2025

In August 2025, Ethos launched Micron Watch Services to establish specialized high-end repair centers across India. Ethos holds a majority 50.10% stake

2023

Lifestyle growth: Ethos diversified into luxury luggage with Rimowa boutiques.

2022

Landmark public listing (IPO): In May 2022, Ethos became India’s first luxury watch retailer to go public, listing on the BSE and NSE. The IPO raised approximately ₹472 crore to fund store expansion and working capital.

2019

Certified pre-owned : ‘Second Movement’, the pre-owned luxury watch platform powered by Ethos Watch Boutiques, was founded in 2019.

2016

Exclusive brand portfolio expansion: Ethos expanded its exclusive India distribution rights, notably partnering with Baume & Mercier and launching Favre-Leuba in India during 2016. These agreements secured high-margin long-term growth and market exclusivity.

2014

Expansion to omnichannel with e-commerce: The launch of Ethoswatches.com transformed the business into an omnichannel leader.

2008

Official Rolex partnership: Ethos achieved a critical milestone by becoming an Official Retailer of Rolex in India in 2008. This relationship solidified its status as a trusted partner for the world’s most prestigious watch maisons.

2003

First store opens in India: Entrepreneur Yashovardhan Saboo founded Ethos in January 2003, opening its first multi-brand boutique in Chandigarh. This coincided with the Indian government’s decision to permit the legitimate import of high-value luxury timepieces.

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Shilpa Dhamija

Shilpa DhamijaFounder, Managing Editor

Shilpa is a world renowned journalist and an expert in decoding India and Asia’s luxury markets for global readers. Her original, in-depth reports and analysis are frequently featured in prestigious international titles across the UK, China, Hong Kong, Switzerland, and Oman.

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