TIMELY PLAN

Calcutta, Nov. 2: Seiko Watch India Pvt Ltd — a wholly owned subsidiary of Japan’s Seiko Watch Corporation — aims to break even in the next two years. The company was incorporated in June 2007.

“India is one of the most promising markets for Seiko and we hope to break even by the end of 2010-11,” Seiko Watch India head (sales & marketing) Niladri Mazumder told The Telegraph.

Seiko plans to achieve this by entering the clock segment, focusing on ladies watches, rolling out products customised for India and strengthening its retail and distribution network.

“We are targeting the accessible luxury watch segment in India. We expect to continue with high double-digit growth rates in India,” Mazumder said.

The company grew 30 per cent last fiscal.

Seiko plans to roll out premium clocks in the country early next fiscal. This includes a variety of wall clocks ranging from table to grandfather clocks.

“The collection will have a price range of between Rs 3,000 and Rs 5 lakh. While people are spending a lot on room decor, there are no luxury clock brands in the market. It represents a huge opportunity for us,” he said.

In the long term, Seiko may also develop customised products for the domestic market and may also serve neighbouring countries such as Sri Lanka, Bangladesh, Nepal, Bhutan and Pakistan, from India. Seiko already has such customised products in markets such as the US and Europe.

At present, the company’s watch portfolio is priced at Rs 7,000-Rs 55,000.

The average selling price of Seiko watches in India is around Rs 17,000.