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33.3% Revenue Growth in Q1 FY27; Ethos Crosses 100-Boutique Milestone
Ethos Limited reported a strong start to FY27 with consolidated revenue growing 33.3% YoY to ₹461.7 Cr. Profitability showed significant momentum, with reported PAT rising 47.9% YoY to ₹28.1 Cr. The company successfully crossed the 100-boutique milestone, reaching 103 locations across 34 cities as of August 2026. Operational efficiency remained high with a Same Store Sales Growth (SSSG) of 13.2% and an Average Selling Price (ASP) of ₹2.26 Lacs.
Confidence: HIGH
What changedEthos has scaled its retail footprint past 100 stores and delivered a significant ~48% jump in quarterly net profit while maintaining double-digit same-store growth.
Why it mattersThe results demonstrate the resilience of the Indian luxury market and Ethos's ability to maintain high average selling prices while aggressively expanding its physical footprint.
Q1 FY27 Revenue: ₹461.7 CrQ1 Revenue vs TTM Revenue: ~28.6%Reported PAT Growth (YoY): 47.9%Total Boutiques: 103Average Selling Price: ₹2.26 Lacs
📅 Short termThe stock is likely to react positively to the strong revenue and profit growth which exceeds the TTM run rate.
📈 Long termStructural growth is supported by the expansion into new luxury categories (jewelry) and the scaling of the Certified Pre-Owned (CPO) segment.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High working capital intensity (43%)
- Forex volatility (INR vs CHF) impacting margins
- Dependency on global luxury brand supply chains
Key Highlights
Consolidated revenue increased 33.3% YoY to ₹461.7 Cr for Q1 FY27
Reported PAT grew 47.9% YoY to ₹28.1 Cr compared to ₹19.1 Cr in Q1 FY26
Boutique network expanded to 103 locations, adding 9 new boutiques during the quarter
Achieved a healthy Same Store Sales Growth (SSSG) of 13.2% for the quarter
Average Selling Price (ASP) for watches stood at ₹2.26 Lacs
👀 What to Watch
Monitor the impact of the ongoing investment cycle on margins and the execution of the 'Ethos Lifestyle' diversification strategy into luxury jewelry.
Ethos Ltd Q1 FY27: ₹300 Cr Rights Issue Proceeds Unutilized; Stake in Subsidiary Rises to 77.42%
Ethos Limited approved its Q1 FY27 financial results and provided updates on its capital deployment. The company has utilized only ₹109.79 Cr (approx. 27%) of the ₹409.90 Cr raised through its Rights Issue, leaving a significant cash balance of ₹300.11 Cr for future working capital. Additionally, the company increased its stake in subsidiary Ethos Lifestyle Private Limited to 77.42% via a ₹20.26 Cr acquisition from the promoter. Independent Director Dilpreet Singh has resigned effective August 3, 2026, citing professional commitments.
Confidence: HIGH
What changedApproval of Q1 FY27 financial results, resignation of an Independent Director, and a formal update on the utilization of Rights Issue funds.
Why it mattersThe large unutilized cash pile (approx. 4.2% of market cap) provides a significant liquidity buffer for the company's aggressive expansion strategy (targeting 15-40 new stores) but also highlights a related-party transaction involving the promoter.
Rights Issue Total: ₹409.90 CrUnutilized Proceeds: ₹300.11 CrSubsidiary Acquisition Value: ₹20.26 CrRights Issue vs Market Cap: 5.78%Subsidiary Stake Increase: 2.37%
📅 Short termThe stock may react to the specific Q1 growth figures (Revenue/PAT) once fully analyzed; the management exit is unlikely to cause significant volatility as it was cited as professional commitments.
📈 Long termThe structural story remains focused on Ethos's ability to scale its luxury retail footprint using the ₹300 Cr cash reserve and consolidating its lifestyle subsidiary.
⚠ Risk flags
- Related-party transaction (acquisition of subsidiary shares from the promoter)
- Slow utilization of raised capital
Key Highlights
₹300.11 Cr of Rights Issue proceeds remain unutilized as of June 30, 2026, currently held in bank deposits.
₹20.26 Cr invested to acquire 1,89,480 shares of Ethos Lifestyle Private Limited from the promoter at ₹1,069 per share.
Company stake in Ethos Lifestyle increased from 75.05% to 77.42% following the April 2026 acquisition.
₹106.10 Cr of the Rights Issue proceeds have been deployed specifically for working capital requirements.
Resignation of Independent Director Dilpreet Singh effective from the conclusion of the board meeting on August 3, 2026.
👀 What to Watch
Investors should monitor the pace of deployment of the remaining ₹300 Cr in Rights Issue proceeds toward store expansions and inventory, as slow utilization may impact near-term return ratios.
103 Boutiques: Ethos Limited Expands Luxury Footprint with New Store in Amritsar
Ethos Limited has inaugurated a new luxury watch boutique at Nexus Amritsar Mall, Punjab, marking its 103rd store in India. This expansion is part of the company's stated strategy to add 15-40 new stores in the near-to-medium term to consolidate its position as India's largest organized luxury watch retailer. The store count has grown by approximately 19.7% from 86 boutiques in September 2025 to 103 as of July 2026. While specific store-level revenue was not disclosed, the company reported TTM revenue of Rs 1,612 Cr, driven by such retail footprint expansions.
Confidence: HIGH
What changedEthos Limited has opened a new luxury watch boutique in Amritsar, bringing its total national footprint to 103 stores.
Why it mattersPhysical expansion is the primary revenue driver for Ethos; increasing the store count by nearly 20% in 10 months demonstrates aggressive execution of its growth strategy in the luxury segment.
Total Boutiques: 103Store Count Growth (since Sept 2025): 19.7%TTM Revenue: Rs 1,612 CrInventory Turnover Ratio (FY25): 1.70x
📅 Short termPositive sentiment expected as the company continues to meet its store-opening guidance, potentially boosting top-line growth expectations.
📈 Long termStructural growth remains tied to organized retail penetration and exclusive brand partnerships, though high working capital and forex sensitivity (INR vs CHF) are long-term monitoring factors.
⚠ Risk flags
- High working capital intensity (43%)
- Forex volatility impacting margins
- Dependency on global luxury supply chains
Key Highlights
Total boutique count reached 103 across India with the new Amritsar launch
Store count increased by 17 units (19.7%) since September 2025 (86 stores)
New boutique is located at Nexus Amritsar Mall, a prominent luxury retail market in Punjab
Expansion aligns with the target of 15-40 new store additions in the near-to-medium term
TTM revenue stands at Rs 1,612 Cr with an operating profit margin of 12.7%
👀 What to Watch
Watch for the impact of rapid store expansion on the Inventory Turnover Ratio (1.70x in FY25) and working capital intensity (43%) in upcoming quarterly results.
Ethos Limited Opens New Boutique in Vizag, Total Store Count Reaches 102
Ethos Limited has inaugurated a new luxury watch boutique at Inorbit Malls in Vizag, Andhra Pradesh. This expansion strengthens the company's presence in a prominent luxury retail market and aligns with its strategy to increase the accessibility of exclusive global brands. With this new launch, the company's total network has expanded to 102 boutiques across India. The move reflects continued physical footprint growth in high-potential urban centers.
Key Highlights
Inaugurated a new Ethos Watch Boutique at Inorbit Malls, Vizag, Andhra Pradesh.
The company's total store count has now reached 102 boutiques across India.
Strategic expansion into prominent luxury retail markets to consolidate brand presence.
Focus remains on delivering unparalleled luxury experiences and exclusive brand accessibility.
👀 What to Watch
Investors should view this as a positive sign of steady operational expansion and brand scaling. Monitor how the increasing store count translates into revenue growth and market share in the luxury segment.
Ethos Limited Reaches 101 Store Milestone with New Boutique at Delhi IGI Airport
Ethos Limited has inaugurated a new luxury watch boutique at Terminal 2, Indira Gandhi International Airport, Delhi. This strategic opening at a high-traffic domestic departure hub marks a significant milestone as the company's total store count reaches 101 boutiques across India. The expansion is aimed at consolidating the company's presence in India's prominent luxury retail markets and making exclusive global brands more accessible. This move aligns with Ethos's long-term vision of scaling its physical footprint in premium locations to drive revenue growth.
Key Highlights
Inaugurated a new Ethos Watch Boutique at Terminal 2, Indira Gandhi International Airport, Delhi.
The company successfully reached a total milestone of 101 boutiques across India.
Strategic placement in a high-traffic luxury retail market to target discerning domestic travelers.
Strengthens the company's luxury brand portfolio and accessibility to exclusive global brands.
👀 What to Watch
Investors should monitor the company's store-level profitability as it scales past the 100-store mark. The expansion into high-visibility airport locations is a positive indicator of brand strength and market capture in the luxury segment.
Ethos Ltd Seeks Approval to Appoint Munish Gupta as Executive Director & CFO for 3 Years
Ethos Limited has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. Munish Gupta as a Director and Whole-time Director. He is proposed to serve as the Executive Director and Chief Financial Officer for a three-year term effective from May 12, 2026, to May 11, 2029. The e-voting period for shareholders is scheduled from June 04, 2026, to July 03, 2026, with a cut-off date of May 29, 2026. This move aims to formalize his leadership role and determine his remuneration as per statutory requirements.
Key Highlights
Proposed appointment of Mr. Munish Gupta as Whole-time Director and CFO for a 3-year term.
The executive term is set to run from May 12, 2026, until May 11, 2029.
E-voting period for the resolutions starts on June 04, 2026, and ends on July 03, 2026.
The cut-off date to determine shareholder voting eligibility is Friday, May 29, 2026.
The appointment requires both an ordinary resolution for directorship and a special resolution for the Whole-time Director role.
👀 What to Watch
Investors should review the appointee's credentials in the explanatory statement and participate in the e-voting process if they wish to influence the company's leadership structure.
Ethos Limited Reaches Milestone with Opening of 100th Boutique in India
Ethos Limited has achieved a significant operational milestone by opening its 100th boutique in Indore, Madhya Pradesh. This expansion solidifies its position as India's largest luxury watch retailer, now operating across 32 cities nationwide. The company's portfolio has grown to include over 75 premium luxury watch brands alongside diversifications into luxury jewelry and luggage. This milestone reflects the company's successful scale-up from a single boutique to a pan-India network since its inception in 2003.
Key Highlights
Opened 100th boutique in Indore, marking a major scale milestone for the company
Retail network now spans 32 cities across India with over 75 brand partnerships
Portfolio includes luxury watch brands, Messika jewelry, and RIMOWA luggage
Operates unique formats like the 22,000 sq. ft. 'City of Time' luxury destination in Gurugram
👀 What to Watch
Investors should view this as a sign of strong execution and market leadership in the high-growth premium retail segment. Monitor upcoming quarterly results to see how this physical expansion translates into top-line growth and margin improvements.
Ethos Limited Hits 100-Store Milestone with New Boutique Opening in Indore
Ethos Limited has announced the opening of a new luxury watch boutique in Indore, marking a significant operational milestone. With this launch at Treasure Island Mall, the company's total store count has reached 100 boutiques across India. This expansion aligns with the company's strategy to consolidate its presence in high-growth luxury retail markets. The achievement of the 100-store mark demonstrates the company's successful scaling of its physical retail footprint in the premium segment.
Key Highlights
Inauguration of a new Ethos Watch Boutique at Treasure Island Mall, Indore
Company achieves a major milestone of 100 boutiques across India
Strategic expansion into one of India's prominent luxury retail markets
Strengthens the company's luxury brand portfolio and accessibility for discerning customers
👀 What to Watch
The 100-store milestone is a positive signal of execution capability; investors should monitor store-level productivity and same-store sales growth in upcoming quarterly results.
Ethos Limited Opens New Boutique in Bengaluru, Total Store Count Reaches 99
Ethos Limited has inaugurated a new Exclusive Brand Boutique at the Phoenix Mall of Asia in Bengaluru. This launch marks a significant step in the company's strategy to consolidate its presence in India's luxury retail market. With this addition, Ethos now operates a total of 99 boutiques nationwide. The expansion is expected to enhance the accessibility of global luxury brands to a growing customer base in a key metropolitan hub.
Key Highlights
New boutique opened at Phoenix Mall of Asia, Bengaluru
Total boutique count across India increases to 99
Strategic focus on strengthening the luxury brand portfolio in prominent markets
Expansion aligns with the goal of making exclusive global brands more accessible in India
👀 What to Watch
This expansion reflects steady execution of the company's growth strategy in the luxury segment. Investors should monitor the performance of new stores and the upcoming milestone of the 100th boutique.
Ethos Ltd FY26 Revenue Jumps 29% to ₹1,612 Cr; Margins Contract on Forex & Expansion Costs
Ethos Limited reported a strong top-line growth of 28.8% for FY26, reaching ₹1,612.2 crore, driven by premiumisation and a 14.2% Same Store Sales Growth. However, profitability was pressured as consolidated PBT grew only 4% to ₹146.5 crore, with EBITDA margins contracting to 11% from 12.6% due to a 26% depreciation of the INR against the Swiss Franc. The company aggressively expanded its network, adding 25 boutiques to reach a total of 98, while marketing spends increased significantly to ₹40 crore. Despite short-term margin headwinds, the Average Selling Price (ASP) rose by 22.9% to ₹2.07 lakhs, signaling strong luxury demand.
Key Highlights
Consolidated revenue grew 28.8% YoY to ₹1,612.2 crore in FY26, with Q4 revenue up 33.3% YoY.
EBITDA margins compressed to 11.0% in FY26 from 12.6% in FY25, primarily due to an ₹18.7 crore adverse forex impact.
Boutique network expanded to 98 stores across 32 cities, entering 6 new markets including Srinagar and Jodhpur.
Average Selling Price (ASP) increased by 22.9% to ₹2.07 lakhs, reflecting successful premiumisation and luxury demand.
Marketing expenses were hiked to ₹40 crore from ₹24 crore to support new brand launches and boutique openings.
👀 What to Watch
Investors should monitor the stabilization of margins as new stores mature and forex volatility subsides. While the top-line growth and rising ASP confirm the luxury thesis, the current cost of aggressive expansion is weighing on short-term profitability.
Ethos Ltd Appoints Munish Gupta as Executive Director for a 3-Year Term
Ethos Limited has announced the appointment of Mr. Munish Gupta as an Additional Director in the category of Executive Director, effective May 12, 2026. Mr. Gupta is a Chartered Accountant and IIM Ahmedabad alumnus with over 20 years of experience in finance, M&A, and strategic management. His appointment is for a fixed term of three years, ending May 11, 2029, subject to shareholder approval. This leadership addition aims to leverage his extensive background in fund raising and business operations to support the company's growth trajectory.
Key Highlights
Appointment of Mr. Munish Gupta as Executive Director for a 3-year term effective May 12, 2026
Mr. Gupta brings over 20 years of experience across FMCG, hospitality, and IT sectors
Expertise includes M&A, fund raising, and strategic management with a CA and IIM-A background
The appointment is subject to shareholder approval and follows Nomination & Remuneration Committee recommendation
👀 What to Watch
Investors should monitor how Mr. Gupta's expertise in M&A and fund raising translates into the company's expansion plans. This is a positive management strengthening move that adds professional depth to the board.
Ethos Ltd Approves FY26 Audited Results and Appoints Munish Gupta as Executive Director
Ethos Limited's Board of Directors approved the audited standalone and consolidated financial results for the quarter and fiscal year ended March 31, 2026, during their meeting on May 12, 2026. The statutory auditors, Walker Chandiok & Co LLP, issued an unmodified opinion, confirming the integrity of the financial statements. Additionally, the company announced the appointment of Mr. Munish Gupta as an Additional Director in the Executive category, pending shareholder approval. This leadership addition is intended to strengthen the executive management team following the close of the financial year.
Key Highlights
Board approved audited standalone and consolidated financial results for the full year ended March 31, 2026.
Statutory auditors issued a clean, unmodified opinion on the financial statements for FY26.
Appointment of Mr. Munish Gupta (DIN: 09350096) as Additional Director (Executive Director).
Confirmation provided that the new director appointee is not debarred by SEBI or any other regulatory authority.
The board meeting was conducted between 11:30 AM and 1:55 PM on May 12, 2026.
👀 What to Watch
Investors should review the detailed profit and loss statements once the full tables are released to evaluate margin performance in the luxury retail segment. The unmodified audit report is a positive indicator of the company's financial transparency and governance.
Ethos Ltd Approves FY26 Audited Results and Appoints Munish Gupta as Executive Director
Ethos Limited's Board of Directors has approved the audited standalone and consolidated financial results for the quarter and fiscal year ended March 31, 2026. The statutory auditors, Walker Chandiok & Co LLP, issued an unmodified opinion, confirming the reliability of the financial statements. Additionally, the company has appointed Mr. Munish Gupta as an Additional Director in the Executive Director category, subject to shareholder approval. The meeting concluded on May 12, 2026, marking the formal wrap-up of the company's annual financial reporting cycle.
Key Highlights
Board approved audited standalone and consolidated financial results for the full year ended March 31, 2026.
Statutory auditors issued an unmodified opinion, indicating no material discrepancies in financial reporting.
Appointment of Mr. Munish Gupta (DIN – 09350096) as Additional Director (Executive Director).
The board meeting was held on May 12, 2026, commencing at 11:30 AM and concluding at 1:55 PM.
👀 What to Watch
Investors should review the detailed financial tables once published to evaluate year-on-year growth in revenue and margins. The unmodified audit report is a positive sign of corporate governance and financial transparency.
Ethos Limited Expands Presence with New Boutique in Pune; Total Store Count Reaches 98
Ethos Limited has announced the inauguration of a new luxury watch boutique at Phoenix Market City in Pune, Maharashtra. This strategic expansion strengthens the company's luxury brand portfolio in one of India's most prominent retail markets. With this new launch, Ethos now operates a total of 98 boutiques across India. The move is aligned with the company's vision to increase the accessibility of exclusive global brands to Indian consumers.
Key Highlights
New Ethos Watch Boutique opened at Phoenix Market City, Viman Nagar Road, Pune.
Total number of Ethos boutiques across India has reached 98.
Strategic focus on consolidating presence in prominent luxury retail markets.
Expansion aims to deliver unparalleled luxury experiences and improve brand accessibility.
👀 What to Watch
Investors should monitor the company's ability to scale towards the 100-store milestone and the subsequent impact on top-line growth from high-traffic luxury malls.
Ethos Opens 8,070 Sq. Ft. Boutique in Jaipur; Total Store Count Reaches 97
Ethos Limited has announced the opening of a new luxury watch boutique in Jaipur, Rajasthan, located in the prominent Vaishali Nagar area. This new store is substantial in size, covering 8,070 sq. ft., which allows for a wider display of exclusive global luxury brands. With this addition, the company's total retail footprint has expanded to 97 boutiques across India. This move is part of the company's ongoing strategy to consolidate its leadership in the Indian luxury retail market.
Key Highlights
Opened a new large-format boutique in Jaipur, Rajasthan.
The new store spans a significant area of 8,070 sq. ft.
Total number of Ethos boutiques across India has increased to 97.
Strategic expansion aimed at strengthening the luxury brand portfolio in key markets.
👀 What to Watch
Investors should view this as a positive step toward scaling the retail network; monitor the company's progress as it nears the 100-store milestone and its impact on top-line growth.
Ethos Ltd Increases Stake in Lifestyle Subsidiary to 77.42% for ₹20.26 Cr
Ethos Limited has acquired an additional 2.37% stake in its subsidiary, Ethos Lifestyle Private Limited, increasing its total holding from 75.05% to 77.42%. The company purchased 1,89,480 shares at a price of ₹1,069 per share from promoter Mr. Pranav Shankar Saboo for a total cash consideration of ₹20.26 crore. This acquisition is part of Ethos's strategic move to consolidate its luxury lifestyle vertical and diversify into global luxury brands beyond its core watch business. While the subsidiary reported nil turnover for the period ending March 31, 2025, it represents the company's long-term growth engine in the fashion and jewelry segments.
Key Highlights
Acquired 1,89,480 equity shares at ₹1,069 per share for a total of ₹20.26 crore.
Shareholding in Ethos Lifestyle Private Limited increased from 75.05% to 77.42%.
Transaction conducted as a related party deal with promoter Mr. Pranav Shankar Saboo at arm's length.
The subsidiary focuses on retail sales of luxury lifestyle products and jewelry, diversifying beyond horology.
Ethos Lifestyle Private Limited was incorporated in February 2024 and is currently in a pre-revenue stage.
👀 What to Watch
Investors should view this as a strategic consolidation of the company's non-watch luxury business, though immediate earnings impact will be minimal given the subsidiary's current pre-revenue status. Monitor the company's ability to scale this lifestyle vertical as it seeks to diversify its revenue streams.
Ethos Limited Expands Retail Footprint with New Boutique in Agra; Total Store Count Reaches 96
Ethos Limited has announced the opening of a new luxury watch boutique in Agra, located at MG Road. This expansion is part of the company's strategic vision to strengthen its luxury brand portfolio and consolidate its presence in prominent Indian retail markets. With this new launch, the company's total boutique count has increased to 96 across India. The move highlights Ethos's commitment to making exclusive global brands accessible to a wider customer base in India.
Key Highlights
Inauguration of a new Ethos Watch Boutique at MG Road, Agra.
Total number of boutiques across India now stands at 96.
Strategic expansion into a prominent luxury retail market to capture regional demand.
Strengthens the company's position as a leading luxury watch retailer in India.
👀 What to Watch
Investors should view this as a positive step toward scaling the retail network and capturing demand in Tier-2 luxury hubs. Monitor the company's progress toward reaching the 100-store milestone and its impact on top-line growth.
Ethos Limited Expands Luxury Footprint with New Faridabad Boutique; Total Store Count Reaches 95
Ethos Limited has inaugurated a new luxury watch boutique at the Pacific Mall in Faridabad, marking a strategic expansion in the NCR region. This new opening brings the company's total boutique count to 95 across India. The move is aligned with Ethos's strategy to consolidate its presence in prominent luxury retail markets and increase accessibility to exclusive global brands. This expansion reflects the company's ongoing commitment to scaling its physical retail footprint to drive growth.
Key Highlights
New Ethos Watch Boutique opened at Pacific Mall, Faridabad, Haryana.
Total number of boutiques across India increased to 95 following this launch.
Strategic focus on strengthening the luxury brand portfolio in high-potential retail markets.
The expansion aims to provide unparalleled luxury experiences and access to exclusive global brands.
👀 What to Watch
Investors should monitor the company's store expansion pace as it nears the 100-store milestone, which is likely to drive top-line growth. The focus on high-traffic luxury malls like Pacific Mall is a positive indicator of the company's premium positioning.
Ethos Shareholders Approve Re-appointment of Chairman Yashovardhan Saboo with 80.5% Majority
Ethos Limited shareholders have approved a special resolution to re-appoint Mr. Yashovardhan Saboo as Chairman and Whole-Time Director for a three-year term starting April 1, 2026. The resolution passed with 80.53% of the total votes in favor, meeting the 75% threshold required for special resolutions. Notably, there was significant institutional dissent, with 53.97% of institutional votes cast against the proposal. The promoter group's unanimous support (100% in favor) was critical in securing the reappointment and associated remuneration package.
Key Highlights
Special resolution passed for the re-appointment of Yashovardhan Saboo for a 3-year term (2026-2029).
Total votes in favor stood at 1,71,13,605 (80.53%) while 41,36,721 votes (19.47%) were cast against.
Institutional investors showed high resistance, with 41,36,679 votes (53.97% of institutional total) against the resolution.
Promoter group provided full support with 1.35 crore votes (100%) in favor of the management.
👀 What to Watch
While leadership continuity is secured, investors should monitor future disclosures to understand the high institutional dissent, which often signals concerns over executive remuneration or corporate governance standards.
Ethos Limited Expands Presence with New Boutique in Srinagar; Total Store Count Reaches 92
Ethos Limited has announced the inauguration of a new luxury watch boutique in Srinagar, Jammu & Kashmir, located at the Edition Mall. This expansion marks a strategic entry into a prominent luxury retail market in Northern India. With this launch, the company's total retail footprint has grown to 92 boutiques nationwide. The move is part of Ethos's ongoing strategy to consolidate its luxury brand portfolio and enhance accessibility for high-end consumers.
Key Highlights
New boutique opened at Unit No-3, the Edition Mall, Sanat Nagar, Srinagar.
The company's total store count across India has now reached 92 boutiques.
Strategic expansion into the Jammu & Kashmir luxury retail market to capture regional demand.
Reinforces the company's position as a leading distributor of exclusive global luxury watch brands.
👀 What to Watch
Investors should monitor the company's store-level productivity and the impact of this expansion on top-line growth. The steady increase in store count suggests a robust growth trajectory in the luxury retail segment.
