1. Boutique rollout to 150 stores - Management targets 150 boutiques over the next 5-6 years, adding roughly 20 stores annually from a base of 102 as of late June 2026. Each new store is guided to an 18-20% first-year return on capital, layering incremental EBITDA onto a network that already spans 32 cities.
2. EFTA duty elimination - The India-EFTA trade agreement is expected to phase out the 20% customs duty on Swiss watches over seven years, with the first reduction likely to start in the second half of FY25. For 90% of exclusive brands the entire duty benefit flows to Ethos by contract, directly lifting gross margins on a large and growing share of revenue.
3. Exclusive brand share shift - Exclusive brands rose to over 30% of revenue in Q4 FY25 from \~29% in FY24, with four new exclusive brands added in FY26 bringing the portfolio to 49. Management expects margins to expand as the exclusive mix grows and dealer discounting on these brands reduces with maturity.
4. Rimowa luggage scale-up - The first Rimowa boutique in Mumbai generates roughly ₹20-24 crore in annual billing, and a second boutique is under construction. Management targets at least 10 Rimowa boutiques within five years, implying an 8-10x expansion of a format already proven profitable.
5. Certified pre-owned growth - Second Movement, India’s only organised pre-owned luxury watch retailer, grew billings 22.9% in FY26 and has doubled service capacity with a second Bengaluru centre. A dedicated CPO boutique opened in Gurugram in Q2 FY26, with plans for more standalone stores to capture a segment growing over 30% annually.
6. India-specific limited editions - An in-house design team has already generated ₹70 crore in bookings from India-edition watches, which carry higher margins than standard models. The program plans to add more brands and collaborate with group companies for component supply, deepening a differentiated, high-margin revenue stream.
7. City of Time flagship - The 22,000-square-foot Gurgaon horological destination opened on 10th May with five exclusive brand boutiques and two multi-brand galleries, with two more boutiques due next quarter. The project concentrates multiple high-margin exclusive formats under one roof, creating a destination that lifts footfall and average transaction value.
8. Messika jewellery entry - The first Messika boutique opened at The Chanakya Mall, New Delhi, in May 2025, marking Ethos’ entry into international luxury jewellery. Management aims for 8-10 Messika boutiques over five years, diversifying the lifestyle vertical beyond watches into a high-ticket adjacent category.