Japanese watch brand Seiko will strengthen its presence in India with its plan to open 300 retail outlets over the next two years through joint venture and as foreign direct investor.
The 130-year-old brand says it is aiming to achieve double digit growth in the Indian market where demand for luxury is surging.
“Over the next two years we want to take our retail touch-points to 300 through tie-ups with multi-brand stores,” said Seiko Watch India president Susumu Kawanishi.
Entering India in 2007, the company owns and operates a boutique in Chennai and some 250 regular stores throughout the country. Kawanishi said the company would like to open at least one boutique in each of the nine top tier cities.
Tailoring its offer to the local consumer, Seiko plans to launch products designed exclusively for Indians.
Seiko Watch India VP Niladri Mazumder said: “From this year onwards we will launch products that have been specifically designed keeping in mind Indian taste.”
Seiko recently launched a limited edition range called Ananta which was inspired from Japanese Katana swords.
“With the launch of Ananta, we want to reinforce our commitment of providing cutting edge technology watches,” Kawanishi said.
Seiko competes with other brands Rado, Omega, Tissot and Tag Huer in Indian watch market.