Money can’t buy everything. Including, it seems, ultra-expensive luxury watches.

A rich Delhi family learnt this the hard way when the sales staff at an Ethos store refused to sell them a Rs 50 lakh Rolex watch in 2024. They were apparently not worthy of owning one.

And how do you become worthy? You build a profile as a serious watch collector—by picking up an Omega here, a Hublot there. This, the store manager told the family, would convince the Rolex staff to sell them the watch they wanted.

Welcome to the world of high-end timepieces; and to Ethos, their largest retailer in the country. With over 70 brands under its belt, including top luxury and ultra-luxury brands like Rolex, specialised brands like Bovet, and even entry-level luxury brands like Oris, Ethos has cornered a 35–40% market share in the luxury watch segment, said Pranav Saboo, managing director and chief executive of the company, in an earnings call in May.

In just two decades, the Chandigarh-based company has set up 74 stores across the country, including nine multi-brand and boutique stores in the national capital.

Fuelling its rise is Indians’ growing affinity for luxury items. In 2024, the country imported Swiss luxury watches worth nearly Rs 3,000 crore—that’s about 25% higher than in the previous year, per data from the Federation of the Swiss Watch Industry, a trade body. This is even as global exports decelerated by 2%.

“The timing is really perfect,” said Karine Szegedi, fashion and luxury lead at Deloitte Switzerland. “The free trade agreement [between India and Switzerland] will help India as a market for Swiss watches, considering brands were facing higher duties and lower margins here than in other markets.” Brands are also eyeing the country’s rising middle class, which is interested in jewellery and watches, especially for gifting during weddings, added Szegedi.

Ethos has found itself in the perfect niche. Since its listing in May 2022, its stock has surged over 270% to reach a market cap of around Rs 6,800 crore. The Nifty 50 index, meanwhile, has rallied only 50%.

But the competition is catching up as well. Established companies like Tata’s Titan are expanding Helios, the luxury watch retailer under them, besides launching entry-level luxury watches.