Watch-brand Seiko to open more retail outlets in India
Facebook hopes to raise $5 billion in its IPO, which would be the most for an Internet IPO since Google Inc. and its early backers raised $1.9 billion in 2004.
Japanese premium watch-maker Seiko plans to expand its retail outlets to 300 over the next two years through tie-ups, apart from increasing exclusive stores, as it seeks to cash on the booming luxury accessories market in India.
"Over the next two years' time, we want to take our retail touch-points to 300 through tie-ups with multi-brand stores. We currently have 250 retail points in 61 cities," Seiko Watch India President Susumu Kawanishi told PTI.
He did not divulge the sales target or the revenue expected but said they are eyeing a double-digit growth, where the demand has increased for luxury watches.
The 130-year-old watch-and-clock company launched its new `Ananta' collection with 15 models with a price range of Rs 1 lakh to Rs 5 lakh.
The fragmented luxury watch market is estimated to be around Rs 2,000 crore with Seiko being one of the top premium watch brands along with Tissot, Omega, Tag Huer, Rado.
The company, which owns its exclusive boutique in Chennai, plans to expand the chain to nine other cities in two to three years. "We want to open our boutiques in 9 cities, with at least one in each city," Kawanishi said.
Seiko, which started operations in India in June 2007, plans to soon launch products catering to the Indian needs and tastes. "From this year onwards we will launch products that have been specifically designed keeping in mind Indian taste," Seiko Watch India Vice-President Niladri Mazumder said.
The firm, the official sponsor for Spanish football club Barcelona, has no plans to rope in a brand ambassador or tie-up with an IPL team or the cricket team in India.
"Cricket is obviously the biggest game in this country but football is very popular among the youngsters. So we will leverage our tie-up with FC Barcelona here as well," Kawanishi said.
The recent rupee depreciation against yen had caused a few concern to the watch firm as the revenue was affected but Kawanishi is optimistic that with the rupee gaining strength the problems would be minimised.
