This luxury watch retailer projects 10x revenue growth in 10 years

The luxury watch boom

India is now the world's largest market for Rado, a Swiss luxury watch brand. One of the big beneficiaries of this growth is Ethos Watches.

A bold projection

It commands 20% of the luxury watch retail market and believes it can grow its topline 10x in 10 years.

A bold projection - 2

But can it meet its target? Only time will tell. But there are factors that work in its favour. Swipe to know them.

Global tailwinds

The growing number of millionaires globally post-pandemic has expanded the Swiss luxury watch market. This should help it grow.

Domestic tailwinds

India's economic growth and lower import duties on Swiss watches (India-EFTA trade agreement) also work in its favour.


It has diversified into several products, such as jewellery through Messika and luggage via Rimowa.


It acquired stakes in other global Swiss watch brands, including Favre Leuba, to expand its global reach.


It is expanding its store network to Tier 2 and 3 cities to capture the latent demand.


# No exclusive agreements with brands, including Rolex and Rado # 40% of its assets are stuck in inventory # Expensive P/E of 85 times

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