India is an "important market" for Casio, where its watch business is growing with a CAGR of 25-30 per cent, and has the potential to become one of its top-three markets globally in the segment, its country head Takuto Kimura said.
The company will continue to invest to strengthen its lineup and the distribution channels to maintain the momentum, said Casio India Managing Director Takuto Kimura on Tuesday.
Besides, the company, which has recently started selling watches, which are locally manufactured watches, will expand the number of SKUs as per its strategy to make them more affordable.
At present, Casio's top 5 markets are Japan, China, the USA, Europe, and India.
According to Kimura, India is really an "important market" for Casio's watches business, which has a lot of potential as the disposable income is on the rise with the growing economy of the country, along with an increasing number of millennials.
"So definitely the Indian market is Casio's first focused international market and we will try to expand our lineup in both import and also strengthen the lineup through Make in India," he said, adding that Casio will "never stop investing our money to consumer engagement, the activities. That's our commitment." India is among the top five markets for Casio globally, Kimura said.
Asked whether India can be among its top three markets for watches globally, Kimura said: "Yes, of course." Without sharing any timeframe, he said, "I can see like 2030s, to double or triple sales revenue, I have confidence to achieve it." Casio India on Tuesday unveiled its first-ever automatic watch in the country with the introduction of the EFK-100 series under its Edifice brand.
According to financial data accessed through business intelligence platform Tofler, Casio India Co's revenue from operations on a standalone basis was at Rs 774.08 crore for the financial year ended on March 31, 2024.
Its total profit was at Rs 57.87 crore for the year.
The company operates into three segments -- calculators, electrical musical instruments, and watches and clocks.
Casio India Co's revenue from 'watches and clocks' was at Rs 414.22 crore in FY24.
As part of its growth strategy, Casio is strengthening its presence in both online and offline channels.
"Casio will never stop investing in resources in India to catch such economic growth power. So we first try to expand the lineups that meet local consumer needs. And we also strengthen online and offline channels, and tier-II, tier-III, those cities is now really booming," he said.
Moreover, catching the premiumisation wave happening across the sectors, Casio also plans to give a premium customer experience through the brand shops.
"Currently, we have a 66 brand store, which we think is not enough," as Casio has to expand its presence in smaller tier-II & III cities and beyond, Kimura said, adding, "we will definitely increase our retail shops to give the customer a premium customer experience".
The company, which is a 100 per cent subsidiary of Japan-based Casio Computer Co Ltd, has commenced the sale of its locally manufactured watch models, which will not only deepen its footprint here but also mark a strategic step for its long-term vision for the Indian market.
"We really now strengthen our local production year by year, and this time already we launched 28 SKUs and in future, every year, we try our best to increase the lineup," he said.
Casio has tied up with a local partner in India for contract manufacturing of its watches here.
Asked if Casio has plans to have its own manufacturing unit in India, Kimura said the company is considering this option but as of now there are no immediate plans.
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