Seiko to expand Indian retail network to 250 stores in 2 yrs

Japanese premium watch-maker Seiko plans to expand its retail network in India to 250 over the next two-years through tie-ups with retailers in order to cash in on the booming luxury accessories market in India.

"Over the next two-years time, we want to take our retail touch-points to 250 through tie-ups with multi-brand stores. We are currently present in 46 cities through 123 high-class retailers," Seiko Watch India Pvt Ltd's Head-Sales and Marketing Niladri Mazumder told PTI here.

However, he did not divulge any details about the required capital expenditure.

The 129-year old watch-and-clock company is eyeing a double-digit growth from the Indian market, where sales have been relatively unaffected by the economic meltdown compared with western economies.

Seiko is already one of the top three premium watch brands in India, the others being Tissot and Rado.

"We are eyeing a double-digit growth of 20-30 per cent in 2010. Globally, our sales were affected by about 20-30 per cent during the recession but sales in India were picking up during that period," Managing Director Tetsuji Ishimaru said.

Seiko saw as much as a 45 per cent pick-up in sales during the festive months of October-December last year.

He said the global watch industry is 1-billion dollar in size with the bulk of the concentration in low-end merchandise.