Ethos appoints Munisha Gandhi as an additional director

Ethos said that its board has approved the appointment of Munisha Gandhi as an additional director (non- executive non independent and woman director) of the company.

Munisha Gandhi holds a degree in law from Panjab University, Chandigarh. She graduated from the Kashmir University at Srinagar. She was designated as a senior advocate in the year 2014 and remained additional advocate general for the state of Punjab for the period 2012 till 2017. She has had a professional legal career spanning more than 28 years and has been at the helm & instrumental in the High Court's delivering legal pronouncements having far reaching consequences impacting the rights of the parties involved.

Further, the company's board has also approved a change in designation of Patrik Paul Hoffmann as an independent director of the company for a term as may be fixed by shareholders of the company.

Patrik Hoffmann holds a qualification from Business School of the Association of Commerce, Switzerland (Accountant with Federal Diploma, CPA, Certified Public Accountant), Marketing Management, International Management, Sales Management, Marketing Research and Marketing Decision Making from Andrews University, USA.

He has more than 30 years' experience in the watch industry and has been at leadership positions with global watch brands and retailers.

Ethos is one of the country's largest luxury and premium watch retail players with 13% share of the total retail sales in premium and luxury segment, and a share of 20% exclusively in the luxury segment in the financial year 2020.

The company's consolidated net profit zoomed to Rs 12.80 crore in the quarter ended June 2022 from Rs 0.84 crore during the previous quarter ended June 2021. Sales rose 95.14% to Rs 173.56 crore in Q1 FY23 from Rs 88.94 crore in Q1 FY22.

The scrip rose 0.55% to currently trade at Rs 985.20 on the BSE.

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