Citizen Watches to set up five more exclusive outlets

Written by Economy Bureau | Kolkata, Mar 14 | Updated: Mar 15 2008, 06:42am hrs
Japanese watch manufacturing company Citizen Watches plans to set up five more exclusive franchise showrooms in India within a couple of years. At present, the company has 40 such outlets across the country.

"We are planning to set up the showrooms in Delhi, Mumbai and Bangalore," said Ryoshin Tokunaga, marketing manager of Citizen Watches (India) Pvt Ltd.

Addressing a press conference after the launch of the second franchise showroom in Kolkata at Park Street on Friday, he said: "We are targeting a turnover of Rs 90 crore by 2010 from Rs 60 crore at present."

The yearly growth of the company is 33% and that from the eastern India market is around 30%, said Tokunaga.

The company currently sells mid-upper and premium segments of watches. The mid-upper segment watches are priced between Rs 3000 and Rs 5000, while the premium range starts from Rs 5000. "The company has decided to phase out most of the mid-upper segment models over the next two years to focus more on the premium range," he said.

Currently, the national market for the premium segment watches priced above Rs 5000 is around Rs 370 crore and the company contributes 9% to that.