Seiko resets its India clock, targets 2x revenue in 3 years: Kawada

Japanese watchmaker plans 30 exclusive boutiques by 2028

Japanese watchmaker Seiko Watch Corporation is betting big on India, with plans to increase its exclusive boutique count in the country to 30 over the next 12–18 months and double revenue from India within three years.

 

India is among the top four national offices within the group and is positioning itself in the top three of India’s affordable luxury watch segment. "We see sustained premiumisation and rising young consumers driving its next phase of growth," said Yoshikatsu Kawada, Director and Senior Executive Vice President, SEIKO Global. 

Prior to the pandemic, India ranked 14th among SEIKO’s 15 national offices. While the company did not disclose exact revenue contribution, India has clocked a compounded annual growth rate (CAGR) of over 55 per cent in the past four years, growing 162 percent year-over-year, which is much ahead of the broader luxury watch segment, the company said. 

 

India is among the top four national offices within the group and is positioning itself in the top three of India’s affordable luxury watch segment. "We see sustained premiumisation and rising young consumers driving its next phase of growth," said Yoshikatsu Kawada, Director and Senior Executive Vice President, SEIKO Global.

 

Speaking of expansion, the company’s leadership said it will not be limited to metros but will also extend to B- and C-class towns, “where aspirational demand exists but experiential retail is limited,” said Neeladri Mazumdar, Chief Operating Officer and President of SEIKO India.

 

“Metro boutiques will be large-format stores like this one. In smaller towns, formats may be slightly smaller, but the experience will remain premium,” Mazumder said, adding that multi-brand retail partners will continue to be a key growth channel.

 

Within this strategy, Bengaluru holds particular importance for the brand. “When we established our subsidiary office in India nearly two decades ago, we chose this city. Since then, Bengaluru has remained central to our India journey,” Kawada said.

 

The newly launched store is Seiko’s fourth in Bengaluru and its 20th exclusive boutique in India.

 

Japan remains Seiko’s largest market, followed by the US and Europe.

 

Observing a post-pandemic surge in demand for “serious watches” and rising consumer awareness, Mazumder said Indian buyers are increasingly discerning. “Whether purchasing for themselves or as gifts, consumers research the brand, compare competitors, and look for substance. Even the most affluent customers seek value, not just a logo,” he said.

 

Historically male-dominated, Seiko India’s sales now see women accounting for around 15 per cent. The company aims to raise this to 25–30 per cent over the next three to four years. “With exclusive boutiques, we can showcase our full ladies’ collection. In multi-brand outlets, space constraints often limit visibility,” Mazumder said, adding that women consumers today are independent decision-makers who value craftsmanship over marketing hype.

 

Echoing this shift, Kawada said India’s young demographic profile presents a long-term opportunity. “We are pleased to see many young consumers entering the serious watch category. Over time, they can progress from entry-level models to Prospex and eventually to King Seiko,” he said.

 

Seiko has launched India-exclusive limited editions annually for the past three years. Earlier collections, such as Lord and Kinetic, were initially developed for Indian consumers before being introduced globally.