Citizen Watches India plans to double its business in India in the next five years. The Japanese watch brand is currently clocking annual sales of around Rs 60 crore.
The brand has positioned itself in the affordable luxury watch segment which is valued at about Rs 4,000 crore now. “This segment is growing at 15 per cent per annum and we want to exceed that growth,” said Mr Katsusuke Tokura, Managing Director, Citizen Watches India.
He said that the growing Indian economy and the retail industry have helped the growth of international watch brands here. Currently Citizen Watches has approximately 450 retail outlets.
Mr Tokura today launched the Prestige Chronograph watch in Bangalore. Priced at Rs 19,500, the watch is part of the Eco-drive range that is powered by light.