This luxury watch retailer plans to grow its revenue 10x in 10 years

India has edged past China to become the largest market for Rado (a Swiss luxury watch brand). This led us to turn our gaze towards the luxury watch segment, especially Ethos, an Indian luxury watch retailer that's capturing the spotlight. As of Q3 FY24, it commanded a market share of over 20 per cent. Also, it reported spectacular revenue growth of 22 per cent YoY (year-over-year) in Q3 FY24. This surge is impressive given the challenges it faced during the quarter-from the shraddh period, a time when buying luxury items is considered inauspicious, to the unexpected floods in Chennai affecting its stores and the disruptions due to renovations. However, what truly piqued our curiosity was Ethos's future outlook. Hot on the heels of raising Rs 175 crore in November 2024 through a qualified institutional placement (QIP)—despite not fully utilising the Rs 375 crore raised from its IPO less than two years ago—Ethos has projected an ambitious 25 per cent annual growth over the next decade. That's a bold forecast which led us to dig deeper. Does the company have a plan, or is it just another state