Ethos registers 30.8% growth in FY23 Q4
Watch business Ethos reported 30.8% year-on-year revenue growth in the fourth quarter of the 2023 financial year with a total of Rs 207.6 crore. The multi-brand retailer attributed its recent growth to strong consumer demand and a focused push on marketing.
“Results from the last quarter have been extremely encouraging, with a boost in both revenue and profitability,” said Ethos’ CEO Pranav Saboo, ET Retail reported. The business also announced in a regulatory filing on May 15 that its profits after tax totalled Rs 13.3 crore in the fourth quarter of the 2023 financial year.
Ethos has run a number of cost optimisation initiatives in order to increase profitability in the business. These measures are bearing fruit as Ethos’ profits after tax have increased significantly from the Rs 7.8 crore reported in the fourth quarter of the 2022 financial year.
During the last quarter of the 2023 financial year, which ended on March 31, Ethos opened four brick-and-mortar stores to reach a total store count of 56. The business is currently present in 22 Indian cities and plans to open 22 stores in the 2024 financial year to facilitate further growth.
Ethos retails a range of luxury watch brands including Bovet, Rolex, Baume & Mercier Riviera, Nomos, and Bell & Ross among others. In addition to its physical stores, the business also retails from its dedicated e-commerce store.
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