Ethos IPO: Information analysis

Promoted by KDDL (a manufacturer of watch components), Ethos is one of India's largest luxury and premium watch retailers. The company retails 50 premium and luxury watch brands, including Omega, Rolex, Panerai, Bvlgari, Rado, Longines, and Tissot. The company also undertakes retail of certified pre-owned luxury watches. It has 50 retail stores in 17 cities across the country. It also retails actively through its website. Ethos also has a loyalty programme called Club Echo, with over 2.8 lakh registered members as of March 2022. The premium and luxury watch market comprises the segments High Luxury (Rs 10 lakh and above), Luxury (Rs 2.5 to Rs 10 lakh), Bridge to Luxury (Rs 1 to Rs 2.5 lakh), and Premium watches (Rs 25,000 to Rs 1 lakh). In FY21, the company generated 39 per cent, 19 per cent, 18.8 per cent, 17.6 per cent and 5.6 per cent of revenue from Luxury, High Luxury, Bridge to Luxury, Premium and Fashion segments, respectively. The company's 50 stores are categorised into 14 Ethos Summit stores (flagship stores) and