Ethos Ltd

About the Company:

Ethos Ltd is one of India’s largest luxury and premium watch retail player having 13% share of the total retail sales in premium and luxury segment and a share of 20% when seen in exclusively luxury segment in the financial year 2020.

Company has a chain of 50 physical retail stores in 17 cities in India in a multi store format, and offers an Omnichannel experience to customers through website and social media platforms.

Company has a sizeable portfolio of premium and luxury watches in India enabling company to retail 50 premium and luxury watch brands

Company enjoy’s a healthy market share of 20% in the luxury watch retail segment and 13% in the premium and luxury watch retail segment in India

In addition to premium and luxury watch retail, company also undertakes retail of certified pre-owned luxury watches since Fiscal 2019.




Company’s Promoter, KDDL Limited, is a company listed on the BSE and the NSE:

Company’sfirst luxury retail watch store was opened in January 2003 at Union Territory of Chandigarh by Promoter, KDDL Limited, a company listed on the BSE and the NSE, under the brand name “ETHOS”.

Subsequently, the retail business of our Promoter was hived off into our Company under the name and style of Kamla Retail Limited in 2008 and our Company was renamed as Ethos Limited in 2012, in order to consolidate the business of luxury watch retail under one umbrella for better management and focussed approach.

The Promoter’s experience in the watch industry has assisted company in establishing strong relationships with the global watch brands and further strengthening our business.



Some of the brands sold by the Company:

  • Omega.
  • IWC Schaffhausen.
  • Jaeger LeCoultre.
  • Panerai.
  • Bvlgari,
  • H. Moser & Cie, Rado.
  • Longines.
  • Baume & Mercier.
  • Oris SA, Corum.
  • Carl F. Bucherer.
  • Tissot.
  • Raymond Weil.
  • Louis Moinet and Balmain.



Company’s Stores:

Company’s 50 stores are categorised into 14 Ethos Summit Stores and one Airport store (that houses bridge to luxury, luxury and high luxury brands), 14 multi-brand outlets and 10 Ethos Boutiques both housing bridge to luxury and premium brands, 10 luxury segment mono-brand boutiques offering a single luxury watch brand and 1 CPO luxury watch lounge for pre-owned watches.




Company’s Service centres:

Company’s business is supported by state of the art service centre which is equipped with latest machinery imported from Switzerland.

Company’s service centre has engaged horological engineers having experience at leading global watch brands.

Company’s expert watchmakers at the service centre have certifications from brands like Omega, Tissot, Longines, Rado among other global brands with a minimum work experience of 10 years.

Company’s service centre has received authorisations from several leading global watch brands.




Company’s Online Presence:

Company’s website “” is India’s largest website for premium and luxury watches in terms in number of brands and watches offered.

The website visitors can research about the latest watch launches, reviews and choose from over 7,000 premium, bridge to luxury, luxury and high luxury watches across 50 brands and as of the calendar year ending December 31, 2021.

Company’s website had 21,844,216 number of visitor sessions. On the website, visitors are assigned highly trained watch consultants, who help the customers to choose from the wide array of choices available.

Company gives customers the ability to shop online or to touch and feel their shortlisted watches in the comfort of their homes or at one of company’s 50 stores.



Certified pre-owned luxury watches business:

In addition to premium and luxury watch retail, company also undertake retail of certified pre-owned luxury watches under ‘Certified Pre-Owned’ (“CPO”) luxury watch lounge located at National Capital Territory of New Delhi.

CPO is a destination for selling and buying preowned luxury watches under technical expert supervision providing a 360- degree physical inspection and verification of watches and certified with a two year warranty.

The market for previously owned or “pre-owned” watches has become the best place to purchase after assessing the value of a watch over time and provide liquidity to watch owners who want to trade in their watch for a new one.








Management Team:

  1. Mr. Yashovardhan Saboo (Designation: Managing Director)
  2. Mr. Anil Khanna (Designation: Independent Director)





Objectives of the Issue:

Offer for Sale: (Rs.97.2 cr)

  • Each of the Selling Shareholders will be entitled to the proceeds of the Offer for Sale. Company will not receive any proceeds from the Offer for Sale.


Fresh Issue: (Rs. 375 cr)

  • Repayment or pre-payment, in full or in part, of all or certain borrowings availed by the Company.
  • Funding working capital requirements of the Company.
  • Financing the capital expenditure for (i) establishing new stores and renovation of certain existing stores
    and (ii) upgradation of enterprise resource planning software.
  • General corporate purpose.




Company plans to add 13 new stores and renovation of 6 existing stores.

Company intends to utilise the Net Proceeds of the Offer during the Fiscal 2022, Fiscal 2023 and Fiscal 2024 towards this object, Company intends to deploy an amount aggregating to Rs.33.27 crores. Number of stores company propose to set in various cities are as follows:




Peer Group Comparison:

There are no listed companies in India that engage in a business similar to that of Ethos Ltd. Accordingly, it is not possible to provide an industry comparison in relation to the Company.




Positives for the Company:

Strategically located and well invested store network with attractive in-store experience.

  • With 50 retail stores, over 7,000 varied premium and luxury watches and about 30,000 watches in stock at any given time, the retail stores are located strategically in shopping malls, airport terminals and other premium areas.



Company’s long-standing relationships with leading luxury watch brands.

  • Some of these business partnerships with brands like Omega, Rado, Tissot, Longines, Baume Mercier, IWC Schaffhausen, Jaeger LeCoultre, Carl F. Bucherer and Balmain have been ongoing for more than a decade.
  • Company’s long-standing relationships with leading luxury watch brands in India has assisted, and will continue to assist Company in further growing its presence in India.
  • This strong and longstanding network of relationships with owners of luxury watch brands enhances company’s competitive position.



Financials of the Company:

(in Crores) FY 19 FY 20 FY 21 31st Dec 21
Revenue 445.09 461.0 403.14 429.34
Net Profit 9.69 (-1.35) 5.74 16.09



IPO Details:

Details Info
Issue Opens on 18th May 2022
Issue Closes on:. 20th May 2022
Issue Price Rs.836 – 878
Face Value Rs.10
Retail Category Allocation 35%
Minimum Lot 17 Shares
Minimum Investment Rs.14,926
Issue Constitutes 23.03%
Issue Size Rs.472 cr ($61 million)
Market Cap Rs.2050 cr ($266 million)
Listing at NSE & BSE
Equity Shares Offered (Fresh) 42,71,070 (Rs.375 cr)
Equity Shares Offered (OFS) 11,08,037 (Rs.97.2 cr)
Total Equity Shares Offered (Fresh + OFS) 53,79,107 (Rs. 472 cr)
Equity Shares Prior to the Issue 1,90,78,163
Equity Shares after the issue 2,33,49,233

Also Read : List of Upcoming IPO’s in India.
Also Read : List of Upcoming SME IPO’s in India.



Important Dates:

Finalization of Basis of Allotment on or Before 25th May 2022
Initiation of Refunds on or Before 26th May 2022
Credit of Equity Shares: on or Before 27th May 2022
Listing Date: on or Before 30th May 2022



IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
3.15 278 3.72% 85.43



Check IPO Allotment Status:

KfinTech Website: http://kfintech/IPO/Allotment_Status

BSE IPO Website:


Company Contact Info:
Ethos Ltd
Kamla Centre
S.C.O. 88-89
Sector 8-C, Madhya Marg
Union Territory of Chandigarh – 160 009
Corporate Office – 91 172 2548 223/24
Email –



IPO Registrar Info:
Kfin Technologies Limited
Selenium, Tower B, Plot No- 31 and 32,
Financial District, Nanakramguda,
Serilingampally, Hyderabad, Rangareedi,
Telangana, India
Telephone: +91 40 6716 2222/ 1800 309 4001