Mumbai, May 30 -- ICRA stated that the rating reaffirmation factors in ICRA's expectations that Ethos will continue to maintain a satisfactory financial profile, led by a healthy YoY growth in its revenues and profit margins.

Healthy demand in the luxury watches retail segment in India, increasing average selling prices, as well as the ongoing store network expansion augur well for the company's business prospects and are expected to strengthen the company's market position.

Furthermore, the consistent increase in exclusive brand arrangements and growing traction in the new lifestyle vertical (Rimowa and Messika), along with the international expansion in Dubai will continue to support the company's margin profile.

The company's credit...