New Delhi: Japanese watch maker Citizen Watches is planning to invest Rs20 crore in India this fiscal for opening more stores and introducing new watch models as it eyes to increase foothold in Indian market.
“We have currently 38 exclusive outlets besides presence in around 250 multi-brand outlets in the country. We are planning to set up five more franchisee outlets this year, including two in Delhi, and also increase our multi-brand presence,” Citizen Watches India Managing Director Isamu Kawaguchi said.
The company is planning to set up five more exclusive outlets in major cities over the next six months and also introduce new models in the Indian market with an aim of achieving a revenue growth of 20-25% this fiscal over last year’s turnover of Rs65 crore.
He said that the company would invest Rs20 crore for expanding its retail presence and introduce new models in the country over the remaining months of the current fiscal.
“We have launched 45 models so far during last six months and taken our total portfolio to around 1,000 models in India. We are now planning to launch some more of our exclusive models,” Kawaguchi said without divulging details.
He said that the company is also targetting to sell 2.5 lakh units of its watches in India this fiscal.
“We want to increase our sales to 2.5 lakh units, which would be almost a jump of 50% over last year’s sales,” he added.
The company’s models are currently available at a price range of Rs20,000 to Rs60,000.