The company said it ventured into 2 new cities in Q4 FY23 i.e., Bhopal and Siliguri. With this the number of cities now increased to 20. The company has opened 4 stores during the quarter and total number of stores are now 54.

The company continues to show highest ever growth in FY23 on the back of robust demand and focused marketing initiatives. The firm reported strong revenue growth across offline and online channels.

"FY23 has reinforced our belief in the strong growth against the last year and we witnessed the continuous growth trends over the last few quarters. It shows a consistent trend, that reflects the transformation of the Indian market for luxury watches, with Ethos as the reference. Our portfolio of brands and assortment of products, best-in-class customer services, globally competitive prices, and the trust that the Ethos name evokes are all coming together to create an environment of sustained growth and profitability. Ethos has celebrated its 20th Anniversary in January 2023," the company said in a statement.

Ethos is India's largest chain of luxury watch boutiques with 54 stores in India across 20 cities, and over 60 premium luxury watch brands.

On a consolidated basis, net profit of Ethos rose 71.31% to Rs 20.66 crore on 17.62% increase in net sales to Rs 229.68 crore in Q3 December 2022 over Q3 December 2021.