Finally, they’ve inaugurated one of their dream projects which is India’s largest horological project in Gurgaon which spreads to 7 stores in total. They’ve also opened their 1st Messika Paris store in Delhi. So total 8 stores opened. Would be interesting to see if they are targeting 100th store opening this year.
Editing the post
odd that they did not file this in the exchange 
or did I miss it?
Some pointers from Ethos concall-
They’ll be using some amount of hedging for currency risk
Inventory levels were elevated due to delayed store openings which got delayed due to GARP guidelines in Delhi NCR
City of time would have 2 more stores opening by next quarter & this explains the difference between their official communication & LinkedIn Post
Rimowa has had very good response & another store coming up soon & a 3rd one as well. The second store would be bigger than Bombay store & they would have more assortment to showcase
CPO business can grow faster than 30%. They would open a couple of more centres as well. No commitments.
The 100th store would be opened this year. This should be a landmark for the company.
Response from tier 2 markets like Dehradun has been really good
All in all do believe it was a positive business update.
Couple of things that can be a very good challenge for them can be- how they can expand in other Zones eg south etc. Another thing with so many new stores & count being almost doubled from 56 odd stores in FY23 to almost 100 by FY26, hope that most of them turn out to be winners
City of Time stores will take their own sweet time but can be a very successful project for them.
Disc: No buy sell reco. Biased views
Is anyone applying for the Ethos Rights Issue? I have received some shares in the rights, but I do not know how to make the balance payment online. If anyone has applied or gone through the process, please share the steps for online payment. Thanks
Thank you Biswaranjan_Mohanty for the info. Will apply online on the 1st July on my Banks ASBA Portal.
I understand that the market is already discounting a potential increase in GST from 18% to 40%. If this materialises, Ethos would in theory, need to raise prices by about 18-19% to fully offset the impact. However, such a price increase looks difficult, as global watch brands typically maintain uniform pricing across markets.
Factors to watch:
Additionally, Ethos is already carrying elevated inventory levels. If GST rises, the absolute value of its inventory would also increase, further adding to balance sheet pressure.
Disclosure: Invested through KDDL . Not a registered RIA. Not a buy/sell recommendation. Consult your Investment Advisor.
What is the GST on luxury watches? I think it is same a 18% as i haven’t find anything specific with it.
The way I read it…
GST 1.0
HSN 9101 → Wrist-watches, pocket-watches and other watches, including stop-watches, with case of precious metal or of metal clad with precious metal.
HSN 9102 → Wrist-watches, pocket-watches and other watches, including stop-watches, other than those of heading 9101 (i.e., watches not made of precious metals).
GST 2.0
HSN 9101 (precious-metal case watches)
HSN 9102 (other watches)
In summary:
Premium/luxury watches under HSN 9101 have seen a rate reduction from 28% → 18% under GST 2.0. Kddl, ethos expected to gain form this.
You are right. I stand corrected…it was 18% on both the hsn codes earlier too.
Yes, I am playing it through kddl too…
The 88th store just got opened. Feel expansion has been a little tepid for Ethos & management should be asked questions regarding the same. A lot of expansion this year was the carry forward of last year, City of Time stores.
What’s also a little irritating is their little indifference towards minority shareholders by not having regular concalls. They had decided to move towards half yearly concalls & there’s been no Concall post Q2 results & hopefully the trend doesn’t result into a Concalls being conducted yearly now.
A very promising story but it seems like institutional investors is what they are more comfortable hosting at stores & communicating with or having a stake in company.
No reco & not authorised
I have been invested in this company for last 1.5 years but recently exited. Promoters have habit of talking big numbers but these are not backed by results. (now they have stopped talking 
) Silvercity /Favre Leuba fiasco is well discussed on this forum, where it seems management is playing games with minority investors. With Concall reduction, message was clear. Like many companies in Indian stock market, this company too disappointed its investors.
