Japanese watchmaker Seiko has seen its Indian market income triple over the previous three years, at the same time as market situations deteriorated in Taiwan, Thailand, and China, in accordance with its earnings presentation.
Regardless of challenges in different Asian markets, India has remained a progress driver. “Gross sales in Bangladesh, Sri lanka have suffered largely attributable to political turmoil’s, whereas Nepal has continued to point out regular efficiency,” in accordance with Niladri Mazumder, President & COO, Seiko Watch India
At a bunch stage, the corporate recorded internet gross sales of 232.5 billion yen for the primary 9 months of FY24.
In India, Grand Seiko—the premium watch model with costs starting from roughly ₹3.5 lakh to ₹3 crore—accounts for nearly 20 per cent of its gross sales. Mazumder said that each Seiko and Grand Seiko have seen strong progress in the nation. Clocks make up 10 per cent of gross sales, whereas ‘Alba,’ the corporate’s lately expanded vogue section, contributes one other 10 per cent.
Gross sales in India, and the subcontinent, has grown by 55 per cent in FY24 in comparison with the earlier yr, Mazumder stated. “Seiko’s progress stands at 63 per cent, whereas Grand Seiko expanded by 35 per cent throughout the identical interval.”
Retailer growth
Seiko is steadily increasing its retail footprint throughout India by a mix of unique shops and multi-brand partnerships. “We presently function 17 unique Seiko shops throughout the nation and promote by roughly 350 multi-brand retailers,” Mazumder added.
Since Seiko can not have interaction in single-brand retail instantly beneath Indian laws, the corporate depends on franchise partnerships for its bodily retailer growth.
Grand Seiko, with a extra selective distribution mannequin, operates a devoted salon in UB Metropolis, Bengaluru, alongside its presence in luxurious multi-brand shops throughout key metropolitan areas. “We presently restrict Grand Seiko’s availability to at least one or two shops per metropolis, specializing in main metros, however the community is steadily increasing,” Mazumder added.
The corporate is gearing up for additional progress, with new retailer openings deliberate in Mumbai, Delhi, and Hyderabad. “We’re planning to open one new retailer in Mumbai quickly, adopted by one other in Delhi and Hyderabad. Like with Seiko, we’ll proceed a measured growth technique, slightly than quickly opening 20 shops directly,” Mazumder stated.
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