Date:06/04/2007 URL: http://www.thehindubusinessline.com/2007/04/06/stories/2007040605110500.htm

Back Citizen Watches adding more outlets

Our Bureau

MR HIDEAKI NAKAZAKI

Hyderabad April 5 Japan-based watchmaker Citizen is planning a steady expansion in the country and would add 60 more exclusive showrooms over the next three years.

"The market for mid-segment watches is expanding in India and we will also grow steadily in the country," Mr Hideaki Nakazaki, Managing Director of Citizen Watches (India) Pvt Ltd, told newsmen after inaugurating the 40th First Citizen showroom in the country and the fourth in State here on Thursday.

The firm plans to open another five exclusive outlets in Andhra Pradesh in cities such as Viskakhapatnam and Vijayawada, he added.

Eco-Drive watches

The company would invest over $4 million in the expansion of its network.

"We sold over 2.5 lakh units in the last fiscal year ended March 31, 2007 and hope to grow by 30 per cent in the current year," Mr Nakazaki said.

The firm's main focus in on the Eco-Drive watches.

"In these watches, there is no need to replace the batteries as they derive power from any kind of light source," he said. Currently, 50 per cent of Citizen's turnover comes from the Eco Drive watches and over the next three years the target is to derive 80 per cent of the turnover from these watches, he added.

The firm is unable to set up an assembly facility in India due to the poor quality of locally available components. "The components available here are good only for low-cost watches. Our products are in the range of Rs 3,000- Rs 1,30,000. We are unable to source quality components for them," Mr Nakazaki pointed out.

In the last fiscal year, Citizen's India turnover stood at Rs 60 crore.