KDDL Ltd — Interim / Quarterly Report 2019

Feb 13, 2019

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KDDL Limited & ETHOS Limited

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Result Update Presentation February 2019 Q3 & 9M FY19

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Safe Harbor

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This presentation and the accompanying slides (the “Presentation”), which has been prepared by KDDL Limited and Ethos Limited, a subsidiary of KDDL Limited, (the “Company”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forwardlooking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.

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Our Performance

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Business Momentum continues

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Consolidated

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Revenue (Rs. Cr)
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EBITDA (Rs. Cr)

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+30% +71%
474.0 51.3
365.5
30.0
9MFY18 9MFY19 9MFY18 9MFY19
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PAT After MI (Rs. Cr)

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+80%
19.7
10.9
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9MFY18 9MFY19
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Standalone

Revenue (Rs. Cr)

EBITDA (Rs. Cr)

PAT (Rs. Cr)

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+20% +15.1%
130.6 23.7
20.6
108.8
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+14%
11.6
10.2
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9MFY18
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9MFY19

9MFY18

9MFY19

9MFY18

9MFY19

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Performance snapshot

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Manufacturing Highlights

Strong revenue growth at 20% on YoY basis for Q3FY19 and 9MFY19, PAT was impacted in Q3FY19 on account 1 of higher investments in Employees in view of future growth that the Business envisages 2 Commenced the operations for our precision Engineering unit, Eigen at Aerospace in Bengaluru We acquired 100% equity of a hands manufacturing company in Switzerland, Estima AG with a view to capture 3 additional market share of customers in European market

Retail Highlights

1 Received balance of Share application money in Ethos to the tune of ~Rs. 12cr On a higher base of Q3FY18 we have grown at 20% backed by higher number of stores and strong inherent 2 demand in Festive season Reported record EBITDA margin of 10.6% in Q3FY19; confident to achieve ~10% EBITDA margins on annual 3 basis over the next 2-3 years

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Profit & Loss

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Rs. Crs	Consolidated	Consolidated	Consolidated	Standalone	Standalone	Standalone
	9MFY19	9MFY18	YoY%	9MFY19	9MFY18	YoY%
Revenue	474.0	365.5	30%	130.6	108.8	20%
Cost of Goods Sold Gross Profit	278.5	221.4		31.1	26.4
	195.5	144.1	36%	99.5	82.4	21%
Employee Expenses Other Expenses	61.7	48.4		38.4	31.1
	82.6	65.6		37.4	30.7
EBITDA Margin (%) Other Income Interest Depreciation	51.3	30.0	71%	23.7	20.6	15%
	10.8%	8.2%		18.2%	18.9%
	4.0	5.0		3.0	3.6
	10.6	9.2		4.2	3.9
	9.8	8.9		5.8	5.6
PBT Tax PAT Minority Interest PAT after Minority Interest Cash PAT	34.9	16.9	107%	16.7	14.8	13%
	12.5	5.4		5.2	4.7
	22.4	11.5	95%	11.6	10.2	14%
	2.8	0.6		-	-
	19.7	10.9	80%	11.6	10.2	14%
	29.5	19.8	49%	17.4	15.7	10%

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Balance Sheet

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Rs. Crs	Consolidated	Consolidated	Standalone	Standalone
	Sep-18	Mar-18	Sep-18	Mar-18
Shareholder’s Fund Share Capital Reserves & Surplus Non Controlling Interest Non-current liabilities Long Term borrowings Long Term Provisions Current liabilities Short Term Borrowings Other Financial Liabilities Trade Payables Other Current liabilities Short Term Provisions	205.8	161.6 11.0 121.0 29.7 49.4 46.0 3.4 211.0 63.5 47.8 86.3 12.5 0.8	159.7	130.3 11.0 119.3 - 35.4 33.5 1.9 64.7 22.6 23.6 15.0 2.8 0.8
	11.3		11.3
	157.8		148.4
	36.6
	60.9		41.0
	56.7		38.8
	4.2		2.3
	196.9		55.4
	48.0		5.2
	41.1		24.1
	95.9		20.6
	10.2		3.8
	1.8		1.8
Total Liabilities	463.5	422.0	256.1	230.4
Non-current assets Fixed Assets Intangible Assets Long Term loans and Advances Other Non Current Assets Deferred Tax Asset Current assets Inventories Trade Receivables Cash and Bank Balances Short Term Loans and Advances Other Current Assets	141.4	132.4 107.8 0.8 13.6 7.0 3.2 289.6 201.2 32.6 18.0 4.9 32.9	158.0	153.3 84.0 0.6 69.3 1.8 -2.3 77.2 27.1 28.6 8.5 2.6 10.3
	116.2		90.1
	1.0		0.8
	15.5		69.9
	6.1		0.9
	2.5		-3.7
	322.1		98.0
	214.5		28.8
	38.0		33.3
	37.0		27.2
	4.6		2.1
	28.0		6.7
Total Assets	463.5	422.0	256.1	230.4

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Acquired “Estima AG” in Switzerland

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About Estima AG

• Estima was established as a maker of watch hands in Switzerland in 1924

• It was a leading supplier to Swiss and other European watch brands in the mid-priced segment and enjoyed an excellent reputation

• However, over last 10 years, it was unable to keep up with market changes and lost market share leading to declining turnover and mounting losses

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Strategic Rationale

• Estima was a competitor of the Company in the business of watch hands manufacturing

• Has a well established name, valuable production infrastructure and will be serve as a good platform to establish a foothold in Swiss 01

• watch component manufacturing

• Will help capture additional market share of customers in European market serviced by Estima

Acquisition of “Estima AG”

Deal Structure

03

• Acquiring 100% holding of Estima

Financials 02 ▪ Current Turnover : CHF 1.8 – 2.0 million

• Cash – CHF 4,00,000 for 100 % Shares

• The cut-off date for acquisition by new management is 7th January, 2019

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New Store opening in Thane, Maharashtra

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Opened a RADO Boutique at Viviana Mall in Thane, Maharashtra

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Manufacturing Business Overview

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Introduction - Watch Dials and Hands Business

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▪ Commercial operations began in 1983 ▪ Leading Global supplier of Watch Dial serving many well-known brands all over the world ▪ Manufacturing facilities located at Parwanoo & Derabassi, near Chandigarh in India ▪ Capability to manufacture dials with high & complex features Watch Dials		▪ Commercial operations began in 1996 ▪ Only supplier in India and one of 5 independent manufacturers globally ▪ Manufacturing facilities located at Bengaluru ▪ Capability to manufacture hands with strict dimensional control Watch Hands		▪ Deep Understanding of the Global Watch Industry ▪ Established relationships with Swiss Watch makers as well as Indian Watch makers ▪ Consistent Manufacturing on basis International Quality norms Value Proposition

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Introduction - Precision Engineering Business

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Value Proposition

Eigen offers a full package of services, ranging from design and development to full scale production, providing customers with optimized supply chain solutions

Capabilities

We address various segments such as Electrical, Electronics, Automobile, Telecommunications, medical equipment, Aerospace, Consumer Durables etc

Customers

Enabling our customers to meet their design and production needs for over 12 years. We have some of the most wellknown names in their industry as our esteemed customers

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Precision Engineering Expansion

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Production Capabilities Injection Moulding, Electroplating, additional Stamping capacity and Tool Room upgrade

Investment Production Capabilities Invested Rs. 30 cr Injection Moulding, over 2 years. Electroplating, ~2 acre land at additional Stamping Bengaluru, capacity and Tool Karnataka Room upgrade Margins Clients Automobiles, Strong RFQs Defence, Hitech domestic & globally Engineering, to lead to high Aerospace, margin Industrial Components

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Manufacturing – Profit & Loss

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Particulars (Rs. Crores)	Q3FY19	Q3FY18	YoY %	9MFY19	9MFY18	YoY%	FY18
Revenue	42.3	35.4	20%	130.6	108.8	20%	145.8
Cost of Goods Sold Gross Profit	9.5	7.9		31.1	26.4		33.7
	32.8	27.4	20%	99.5	82.4	21%	112.2
Employee Expenses Other Expenses	13.1	10.1		38.4	31.1		42.7
	12.7	10.5		37.4	30.7		42.1
Reported EBITDA Margin (%) Other Income Interest Depreciation	7.0	6.7	4%	23.7	20.6	15%	27.4
	16.6%	19.0%		18.2%	18.9%		18.8%
	1.1	2.0		3.0	3.6		4.8
	1.3	1.2		4.2	3.9		4.8
	2.0	1.9		5.8	5.6		7.4
PBT Tax PAT Cash PAT	4.9	5.7	-14%	16.7	14.8	13%	20.0
	1.7	1.5		5.2	4.7		5.9
	3.3	4.2	-23%	11.6	10.2	14%	14.1
	5.2	6.1	-15%	17.4	15.7	10%	21.5

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Stable Manufacturing Performance

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Revenue (Rs. Crs)

EBITDA (Rs. Crs)

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+6%
146 27
+11%
25
127 125
22
112 21 21
96
FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18
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Ethos Overview & Performance

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Strong Performance Continues

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9MFY19 vs 9MFY18

Billings (Rs. Cr)

Revenue (Rs. Cr)

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+28%
392.4
307.6
9MFY18 9MFY19
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+31%
340.3
260.4
9MFY18 9MFY19
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Normalized EBITDA (Rs. Cr)

PAT (Rs. Cr)

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+135%
26.4
11.3
9MFY18 9MFY19
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+558%
9.3
1.4
9MFY18 9MFY19
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Ethos – Reconciliation to Normalised EBITDA

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Particulars (Rs. Crores)	9MFY19	9MFY18
Revenue	340.3	260.4
Cost of Goods Sold Employee Expenses	247.7	200.2
	21.7	16.6
Other Expenses Normalized EBITDA Normalized EBITDA %	44.5	32.3
	26.4	11.3
	7.8%	4.3%
Forex Items Credits written off Provision for Legal case Reported EBITDA #	1.5	0.8
	-	0.6
	1.0	-
	24.0	9.9

# Certain costs were upfronted in 9MFY19 and are non-recurring in nature

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Ethos – Profit & Loss

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Particulars (Rs. Crores)	Q3FY19	Q3FY18	YoY %	9MFY19	9MFY18	YoY %	FY18
Revenue	128.7	107.1	20.1%	340.3	260.4	30.7%	357.7
Cost of Goods Sold Gross Profit	91.4	80.5		247.7	200.2		271.8
	37.3	26.7		92.6	60.2		86.0
Employee Expenses Other Expenses#	7.4	5.9		21.7	16.6		22.6
	16.3	9.5		46.9	33.6		47.5
Reported EBITDA Margin (%) Other Income Interest Depreciation	13.6	11.3	20.1%	24.0	9.9	141.5%	15.8
	10.6%	10.6%		7.0%	3.8%		4.4%
	0.0	0.0		0.1	0.1		0.1
	1.8	1.6		5.7	5.0		6.6
	1.2	0.9		3.5	2.8		4.1
PBT Tax PAT Cash PAT	10.6	8.8	20.3%	15.0	2.2	587.0%	5.3
	4.2	2.8		5.7	0.8		1.2
	6.4	6.0	6.7%	9.3	1.4	557.9%	4.0
	7.7	7.0	10.0%	12.7	4.2	203.2%	8.1

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Ethos - Balance Sheet as per IND-AS

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Rs. Crs	Sep-18	Sep-17
Shareholder’s Fund Share Capital Reserves & Surplus Non-current liabilities Long Term borrowings Long Term Provisions Current liabilities Short Term Borrowings Trade Payables Other Current liabilities Short Term Provisions	106	67 14 53 13 12 1 156 50 90 15 0
	16
	90
	13
	12
	2
	147
	43
	81
	24
	0
Total Liabilities	267	236
Non-current assets Fixed Assets Long Term loans and Advances Other Non Current Assets Deferred Tax Asset Current assets Inventories Trade Receivables Cash and Bank Balances Short Term Loans and Advances Other Current Assets	43	37 12 12 6 7 199 156 13 7 3 19
	19
	14
	6
	5
	223
	183
	7
	9
	4
	21
Total Assets	267	236

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Ethos - Performance Trend*

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Revenue (Rs. Crs)

Front-end Rent & Manpower Cost as % of Revenue#

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+31%
340.3
251.9 250.0 260.4
205.6
9MFY15 9MFY16 9MFY17 9MFY18 9MFY19
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12.0%
11.3% 11.4%
10.3%
9.8%
9MFY15 9MFY16 9MFY17 9MFY18 9MFY19
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EBITDA (Rs. Crs)

EBITDA Margin (%)

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+142%
24.0
10.1 10.6 9.9
4.0
9MFY15 9MFY16 9MFY17 9MFY18 9MFY19
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7.0%
4.9%
4.2%
3.8%
1.6%
9MFY15 9MFY16 9MFY17 9MFY18 9MFY19
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*FY18 and FY19 financials are as per IND AS

# Certain costs were upfronted in 9MFY19 and are non-recurring in nature

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Ethos - Online Sales Trend

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Online Billing (Rs. Crs)

Online – as % of Total Billing

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+14%
32.1%
31.0%
112.6 29.0% 28.7%
98.8
87.2 22.8%
82.5
52.9
9MFY15 9MFY16 9MFY17 9MFY18 9MFY19 9MFY15 9MFY16 9MFY17 9MFY18 9MFY19
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Visitors on website (‘000)

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+11%
10,888
9,783
7,464
5,701
4,224
9MFY15 9MFY16 9MFY17 9MFY18 9MFY19
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Ethos - Repeat Sales Trend

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Club ECHO – Member Base

Repeat Billings (Rs. Crs)

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208,936 135.0
184,891
154,357
91.4
54.4
52.0
Mar’17 Mar’18 Dec’18 9MFY16 9MFY17 9MFY18 9MFY19
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Pan-India Presence with Offline Store Network

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Ludhiana
Chandigarh
New Delhi
Gurugra m Noida
Jaipur
Lucknow
Bhopal
Ahmedabad
Indore
Nagpur
Pune
Mumbai
Thane
Hyderabad
Bengaluru Chennai
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India’s Largest retail chain of Luxury Watches with 47 stores Presence across Metros, Tier I, Tier II cities 1 Duty Paid Retail Outlet at Domestic Terminals 2 Duty Free Retail Outlets at International Terminals Store Selection Criteria : Reputed /Pedigree Mall at Premium location where other Premium brands present and having better facility management

Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness

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Regulatory Headwinds of the Past…

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• JAN - 16 NOV - 16 FEB - 18

• JUN - 16 Demonetization of

• Requirement of Pan Increase in NOV - 17

• Cards for transactions Tax Collection at high value currency Customs Duty on higher than Rs. 2 lakh Source requirement for GST rate revision Imported Watches all cash transactions from 28% to 18% above Rs. 2 lakhs

• • Widened portfolio in the price points of Rs. 2 lakhs to Rs. • Closing down stores that • Created a significant positive 5 lakhs & reduced exposure price points from Rs. 5 lakhs do not seem to have an momentum in our overall business to Rs. 10 lakhs adapting Learner cost structure economic potential • Expansion in Tier 2 cities to create a

• • Focus shift on exclusive brand strategy with a better • Increased Focus on ‘Watch Retailing Destination’ margin profile Digital Strategy

• Increase equity of brands & retail outlays

...led to strengthening Ethos Business Model with strategic approach, resulting in growth & improving profitability…

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thus validating our Business Strategy

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• Exclusive New Store Digital Right Mix Brands Strategy ▪ Targeting to open new ▪ Leverage on our Digital ▪ Targeting to have a stores in Tier 2 cities platform to drive sales right mix of Brands at and customers all price points leading

• ▪ Ethos stores will be a to faster churn in 1 stop destination for ▪ Digital strategy to lead Inventory and watches to cost optimization increasing profitability and margin growth

• Higher share of ▪ Targeting to open new Business from stores in Tier 2 cities Exclusive Brands ▪ Ethos stores will be a 1 stop destination for watches

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Ethos is India’s Preferred Destination for Luxury Watches…

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Knowledge

One-stop shop

Mind Share

Ethos’ access to Swiss Watch Brands will make it a ‘1 Stop Shop’ for Luxury Watches In India

Ethos has well trained Knowledgeable staff to ensure highest customer satisfaction and increasing repeat buying.

Ethos to be synonymous with Luxury watches retailing in India thus gaining ‘Customer Mind Share ‘

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Online

Trust

Ethos makes Swiss Watches ‘Available Online’ in a confluence of Online-Offline model helping us to leverage the strength of Swiss Watch Brands and our wide Distribution Reach

Ethos DNA is all about Authenticity increasing the ‘Trust factor’ in a large Unorganized market.

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With an Asset Light Model…

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Improve Return On Capital Employed

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Operating Leverage Playing Out

Reduce Front-End Cost like Manpower and Rental expenses

Maximize Reach

Expand catchment area of offline store, leading to higher revenue

Minimize Investment

Focus on Online Presence & Rationalize Store Presence

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and Continued Investments in Advertising…

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Print Ads in leading newspapers…

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… with ETHOS co-branding

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and TRUST CAMPAIGN across channels…

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… to Educate consumers about Watches

… to Create Awareness about unscrupulous activities

… To Reinforce our “ETHOS”

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to emerge as India’s Largest Swiss Watch Retailer…

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The Largest & Preferred Retailer of
Swiss Watches in India
Forayed in Watch
Retailing
Started as a Watch
Components Manufacturer
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Offering the best Watch Brands under one roof

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The Brand Names mentioned are the property of their respective owners and are used here for identification purposes only

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For further information, please contact:

Company : Investor Relations Advisors : Ethos Ltd. CIN : U52300HP2007PLC030800 CIN : U74140MH2010PTC204285 Mr. C. Raja Sekhar Mr. Shogun Jain/ Ms. Payal Dave +91 7738377756 / +91 9819916314 rajasekhar@ethoswatches.com shogun.jain@sgapl.net / payal.dave@sgapl.net www.ethoswatches.com www.sgapl.net

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