Seiko India Operations Head: Revenue has tripled in nearly 3 years

Japanese watchmaker Seiko has seen its Indian market revenue triple over the past three years, even as market conditions deteriorated in Taiwan, Thailand, and China, according to its earnings presentation.

Despite challenges in other Asian markets, India has remained a steady performer. “Sales in Bangladesh, Sri lanka has suffered largely because of politican turmoils, while Nepal has continued to show steady performance,” according to Niladri Mazumder, President & COO, Seiko Watch India

At a group level, the company recorded net sales of 232.5 billion yen for the first nine months of FY24.

While Grand Seiko—the premium watch brand with prices ranging from approximately ₹3.5 lakh to ₹3 crore—contributes nearly 20 per cent of its Indian sales, Mazumder noted that both Seiko and Grand Seiko have experienced growth in the country.

Clocks account for 10 per cent of sales, while the fashion segment ‘Alba,’ which the company recently expanded into, contributes another 10 per cent.

India and the subcontinent, which includes Sri Lanka, Bangladesh, Nepal, and the Maldives, has grown by 55 per cent,” Mazumder said. “While Seiko has grown by 63 per cent, while Grand Seiko has expanded by 35 per cent in FY24, as compared to FY23.”

Store expansion

Seiko has steadily expanded its retail footprint across India. “Currently, we operate 17 exclusive stores across the country and sell through approximately 350 multi-brand outlets,” Mazumder said.

Since Seiko cannot engage in single-brand retail directly, it relies on franchise partnerships for its expansion. For Grand Seiko, which has a more limited distribution network, the company operates a brand-exclusive salon- in UB city, in addition to its presence in luxury multi- brand stores across the country.

Currently, Grand Seiko is limited to one or two stores per city in major metropolitan areas, but the network is steadily growing,” he added.

“We are planning to open one new store in Mumbai very soon, followed by another in Delhi, and Hyderabad. Like with Seiko, we will continue with a steady expansion approach rather than rapidly opening 20 stores at once,” Mazumder explained.