Japanese watch maker Citizen Watches is expecting its Eco-Drive collection of watches to boost sales in the Indian market. The Eco-Drive collection presently contributes 50 per cent to its sales which is expected to touch 80 per cent in the next three years.
Eco-Drive is a range of light powered watches which sold nearly 2.5 million to 3 million pieces worldwide in the 2009 calender year where around 25,000-30,000 pieces were sold in India. The company’s latest radio-controlled watch works on a system where the watch adjusts itself to the local time by capturing radio waves. The radio-controlled watch is priced around Rs 66,000. Isamu Kawaguchi, MD, Citizen Watches, said the company expects a 25 per cent growth in sales of Eco-Drive watches in 2010.
“We are looking at a 30 per cent growth per annum this year. Citizen watches are available across more than 500 outlets which gives us good visibility in the market. We have 32 First Citizen showrooms where we will add two more. The initiative will double the company’s turnover of Rs 60 crore in the next three years,” said Kawaguchi.
The company imports the watches from Japan and does not plan to bring maufacturing to India in the near future. “We are seeing a shift in the consumer mindset where they are moving up the value chain. From the Rs 1,000 price range, consumers are now looking at the Rs 4-5,000 price bracket for premium watches,” said an official from the company.
