Since formally entering India in 2007, Japanese watch manufacturer Seiko has become one of the top three premium watch brands in the country. BW Businessworld’s Manish Kumar Jha talks to Susumu Kawanishi, Sr. Vice President and Niladri Mazumder, President, Seiko Watch Corporation about the brand, and the luxury watch market in India and abroad, among other things. Excerpts:
Mazumder: We didn’t start in 1958, we had a lot of collaborations going on. Officially, we started retailing in India in 2007 with a 100 per cent subsidiary. Of course, we have seen Seiko with our grandfathers and fathers, uncles and it has been passed on from one generation to another. So it’s been a pretty decent journey for us.
A Seiko product typically stands for substance. If we are charging a price for that, we assure that there is quality in that product and it’s not just marketing.
Our journey in India started with us being perhaps perceived as a brand which sells just above Titan. Today, we are selling our watches in the price range of Rs 30K. The Indian consumer has now understood that there is value in this product and it’s in tune with the rest of the world.
The first 11 years have been good. Our CAGR in the last five years has been around 15-20 per cent, which is not a bad growth rate, even in a growing economy like India.
We have only 13 national offices worldwide and India is one of them, although we sell in 180 countries. That shows how important India is to us not just now but from the future perspective also.
Please tell us how many watches you sell in India? Can you also tell us who your competitors are?
Mazumder: We have been one of the last watch brands to enter India officially. All the Swiss brands came a decade before us. They have had 10 years more than to us to build their brand in the country. The positive for us is that we have seen their mistakes and try not to make them. Our turnover is double compared to some of the Swiss brands that have been in the country for more than 20 years.
Esta historia es de la edición November 24, 2018 de Businessworld.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 24, 2018 de Businessworld.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Gauging Trumponomics For India
Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0
Reflections on Consciousness and Creation
Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind
MORE TAKE TO DRIVING IN STYLE
High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.
An ENRiching Outlook
KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence
Paving the Path to a Sustainable Future
Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees
LEADERSHIP TRANSITION AT XIAOMI INDIA
Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus
WEAVING SUSTAINABILITY
Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain
FORCE FOR GOOD
FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives
REIMAGINING TOMORROW
For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders
