Dear Shareholders,
As we celebrate the 20th year of our momentous journey, we
look back with great pride and pleasure at our success, just as we look forward to an even
greater future with excitement and enthusiasm. The evolution of Ethos as a brand has
successfully lived up to customer expectations and constantly evolved with the needs of
the luxury watch market.
Carrying forward our legacy of strong financial performances, we
reported the highest ever EBITDA and PAT in FY23.
We believe, the potential of the premium watch market in India
continues to grow. The emergence of Ethos as the largest and only player in this category
with a pan-India presence is a testament to our lasting relationship with premium watch
brands, our customers and all other stakeholders.
Our digital platforms, combined seamlessly with our strategic store
locations, first-mover advantage in the certified pre-owned business and excellent
after-sales services through our state-of-the-art service facilities, empower us to
further strengthen our foothold in the luxury and premium watch space.
Strong performance, year after year
During the past year, businesses across the globe were affected by high
inflation and rising commodity prices. The pandemic's impact in China posed challenges for
the seamless supply of components and it affected the production as well as delivery of
watches. Despite these headwinds, we delivered strong growth and reported excellent
financial performance.
We have added six new stores and forayed into three new cities during
FY23, are in Indore, Siliguri and Bhopal. Hence, taking the total count of stores to 54
and expanding our presence to 20 cities.
Our omnichannel presence allows us to capitalise on both online and
offline business prospects. Exclusive brand tie-ups allows us to offer a unique product
portfolio to our customers. Our growing team of talented, motivated and dedicated
professionals enables our strategies to be implemented efficiently - they, together with
our loyal customers, are our best ambassadors.
Looking ahead
We aim to capitalise on the growing demand for entry level products as
well as middle to high range products in the premium and luxury watch segment by expanding
our retail footprint. The strength of the retail watch business gives us the confidence to
include other luxury items in our portfolio and replicate our success in new verticals.
Leveraging our exclusive relationship with renowned brands, we seek to
build an integrated business that offers customers a plethora of other luxury products
under one roof. Besides, our emphasis on growing the certified pre- owned luxury watch
business helps us to ramp up sales and build a trusted brand for our premium customers.
Keeping the customer at the centre of our efforts, we have advanced
state-of- the-art service centres equipped with skilled horological technicians who have
the reputation of working with the most prestigious watch brands in the world.
At Ethos, profitability and sustainability go hand in hand. We remain
dedicated to minimise our environmental footprint and continuously engage in activities
that support communities. Our Million Tree Project keeps us steadfast on the path towards
environmental sustainability and enables us to strengthen our foundation as a responsible
organisation. During the year under review, we also undertook other social initiatives for
the benefit of underprivileged youth and other vulnerable segments of society.
We remain committed to broaden our horizon and embrace opportunities to
grow and contribute to the development of our employees, our partners, our society and our
nation. I am very thankful for the trust and support we have received from all.
Regards,
Yashovardhan Saboo
Chairman and Managing Director