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.
This story is from the November 24, 2018 edition of Businessworld.
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This story is from the November 24, 2018 edition of Businessworld.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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