Seiko’s ₹60 lakh watch to be available in India this year! Firm hopes to sell at least 200 pieces as elite evince interest.
Seiko Watch India, a fully-owned subsidiary of Seiko Holdings Corp. is a renowned name worldwide. It is planning to unveil a Grand Seiko watch priced at Rs. 60 lakh by the end of this year.
This new edition from Seiko will aim to compete with global brands such as Tissot, Rao and TAG Heuer. Indian millionaires will have a great option to own this master piece.
Niladri Mazumder, president of Seiko Watch India, said “Wewill to get watches in the price range of between ₹50 lakh and ₹60 lakh by the end of the year,” in an interview.
It has eight-day power reserve.” The idea happened on an ad-hoc basis when the company got enquiries from about 1,000 people.
“We did not have any watches,” Mr. Mazumder said. “From this year and starting next year, we will go with 10 stores and also six boutiques maximum. We are trying a get a sale of at least 200 watches.”
Reliance Industries chief Mukesh Ambani heads a list of Indian billionaires. Menawhile India is home to the world’s fourth highest number of billionaires. According to a 2017 list release by Forbes magazine in March, India is the home of rising entrepreneurs. The Forbes list consists of 2,043 of the world’s richest people who have a combined net worth of $7.67 trillion, an 18% increase over the previous year.
The customers, including industrialists, doctors and also top management leaders, who have evinced interest in the Grand Seiko watch “have a pre-determined mindset,” Mr. Mazumder said.
Seiko Watch India, which sells the end product made in Japan, is present in five segments in the country. Pressage, which is automatic starting from ₹45,500 to ₹1,00,000, Premier, based on a kinetic auto relay, is in the price range of ₹59,500 to ₹79,500, and the sports category called Prospects. In Grand Seiko, prices start from ₹2,45,000.
The organised watch industry in India is worth about ₹10,000 crore including Titan, Sonata and also Timex. The unorganized segment watches “is perhaps equal to the organised sector or more. So it is not a huge industry,”