BENGALURU : Japanese watchmaker Seiko is sharpening its India strategy for luxury label Grand Seiko, expanding retail presence and betting on rising demand from younger affluent consumers as the country's premium watch market gathers pace.

"We want to make Grand Seiko India the third-largest market for the brand in the world because there is good growth potential in the luxury segment," Niladri Mazumder, president and chief operating officer (COO) of Seiko India, told Mint in an interview.

The expansion comes as luxury watchmakers intensify their focus on India, one of the world's fastest-growing premium watch markets. Grand Seiko is looking to strengthen its position against established rivals such as Rolex, Omega and Patek Philippe by capitalizing on rising demand for luxury mechanical timepieces among younger Indian buyers.

According to an October 2025 report by market intelligence firm SOIC Research, India's luxury watch market is expected to grow 11-12% annually, supported by a rising affluent population and increasing wealth among high-net-worth individuals (HNIs).

Luxury ambition

The company opened its second Grand Seiko Salon in Bengaluru on Wednesday, taking its total exclusive salon count in India to four.

The expansion builds on Seiko's remarkable rise in India. Seiko Watch Corporation, which operates across more than 100 countries through about 15 subsidiaries, has seen India climb from its 14th-largest market before the pandemic to its third-largest globally, outside Japan and the US.

Mazumder attributed the rise partly to Russia dropping out of the rankings following the war, but said the bigger driver has been sustained growth in Indian demand.

Globally, Seiko Group Corporation reported consolidated net sales of ¥335.7 billion for the financial year ended March 2026, up 10.2% year-on-year. Its watches business—which includes Grand Seiko and Seiko's other global brands—generated ¥203.1 billion in revenue.

The company does not disclose India-specific revenues.

Younger buyers

Grand Seiko's India business is drawing close attention from its global headquarters because of the changing profile of its customers.

According to company executives, the average buyer age has declined to 25-40 years from 40-55 years just four years ago. At the same time, the average selling price of a Grand Seiko watch in India has increased to about ₹6.5 lakh from ₹5 lakh.

The company said the increase reflects consumers opting for more premium models rather than price hikes, noting that prices have been raised only once in the past four years.

Grand Seiko and Seiko have posted compound annual growth rates (CAGR) of more than 50% and 56.5%, respectively, in India over the past five years, according to the company.

That combination—younger buyers spending more without being pushed there by higher prices—has convinced the company that India is now a market it can aggressively scale rather than merely sustain. As a result, headquarters is allocating more inventory to the country, Mazumder said.

The shift is also creating an internal upgrade cycle. Buyers entering the Seiko ecosystem through collections such as Prospex, priced at around ₹4 lakh, are increasingly moving up to Grand Seiko's Spring Drive models instead of switching to rival luxury brands.

Spring Drive watches are typically priced between ₹6-7 lakh at the entry level and ₹40-45 lakh for flagship models.

Changing tastes

Tatsuya Asami, director and senior vice-president at Grand Seiko global division, said that the broader industry context has shifted since the pandemic, when demand for high-priced watches surged and long waiting lists became common.

"I believe there is still much more room for the growth of the watch industry—luxury and otherwise—moving forward," he said, adding that mechanical watches continue to hold strong emotional appeal even as digital devices have made timekeeping more convenient than ever.

Asami also said that the rise of smartwatches has, somewhat unexpectedly, expanded rather than reduced the market for mechanical watches.

Consumers who initially adopt devices such as the Apple Watch often return to buying traditional mechanical timepieces after becoming accustomed to wearing a watch daily, he said.

"A lot of younger consumers, especially those joining their family businesses, are gravitating towards an upgrade to the Grand Seiko because they're putting in the effort to understand craftsmanship," Mazumder added.

He said millennials are increasingly influencing purchase decisions within families, sometimes encouraging their fathers to choose Grand Seiko's Spring Drive collection over more conventional luxury brands.

Supply challenge

The company's biggest constraint is no longer attracting buyers but producing enough watches to meet demand.

Grand Seiko watches are hand-finished by a limited number of certified craftsmen in Japan, making rapid production expansion difficult.

"The bigger challenge is ensuring we have enough inventory," Mazumder indicated, noting that global demand continues to exceed supply.

Executives also pointed to another structural hurdle: India's lack of dedicated luxury retail districts.

Unlike Tokyo's Ginza or Los Angeles' Rodeo Drive, luxury watch boutiques in India typically operate alongside mass-market brands within shopping malls, limiting the kind of concentrated luxury shopping experience available in more mature markets.

BENGALURU : Japanese watchmaker Seiko is sharpening its India strategy for luxury label Grand Seiko, expanding retail presence and betting on rising demand from younger affluent consumers as the country's premium watch market gathers pace.

"We want to make Grand Seiko India the third-largest market for the brand in the world because there is good growth potential in the luxury segment," Niladri Mazumder, president and chief operating officer (COO) of Seiko India, told Mint in an interview.

The expansion comes as luxury watchmakers intensify their focus on India, one of the world's fastest-growing premium watch markets. Grand Seiko is looking to strengthen its position against established rivals such as Rolex, Omega and Patek Philippe by capitalizing on rising demand for luxury mechanical timepieces among younger Indian buyers.

According to an October 2025 report by market intelligence firm SOIC Research, India's luxury watch market is expected to grow 11-12% annually, supported by a rising affluent population and increasing wealth among high-net-worth individuals (HNIs).

Luxury ambition

The company opened its second Grand Seiko Salon in Bengaluru on Wednesday, taking its total exclusive salon count in India to four.

The expansion builds on Seiko's remarkable rise in India. Seiko Watch Corporation, which operates across more than 100 countries through about 15 subsidiaries, has seen India climb from its 14th-largest market before the pandemic to its third-largest globally, outside Japan and the US.

Mazumder attributed the rise partly to Russia dropping out of the rankings following the war, but said the bigger driver has been sustained growth in Indian demand.

Globally, Seiko Group Corporation reported consolidated net sales of ¥335.7 billion for the financial year ended March 2026, up 10.2% year-on-year. Its watches business—which includes Grand Seiko and Seiko's other global brands—generated ¥203.1 billion in revenue.

The company does not disclose India-specific revenues.

Younger buyers

Grand Seiko's India business is drawing close attention from its global headquarters because of the changing profile of its customers.

According to company executives, the average buyer age has declined to 25-40 years from 40-55 years just four years ago. At the same time, the average selling price of a Grand Seiko watch in India has increased to about ₹6.5 lakh from ₹5 lakh.

The company said the increase reflects consumers opting for more premium models rather than price hikes, noting that prices have been raised only once in the past four years.

Grand Seiko and Seiko have posted compound annual growth rates (CAGR) of more than 50% and 56.5%, respectively, in India over the past five years, according to the company.

That combination—younger buyers spending more without being pushed there by higher prices—has convinced the company that India is now a market it can aggressively scale rather than merely sustain. As a result, headquarters is allocating more inventory to the country, Mazumder said.

The shift is also creating an internal upgrade cycle. Buyers entering the Seiko ecosystem through collections such as Prospex, priced at around ₹4 lakh, are increasingly moving up to Grand Seiko's Spring Drive models instead of switching to rival luxury brands.

Spring Drive watches are typically priced between ₹6-7 lakh at the entry level and ₹40-45 lakh for flagship models.

Changing tastes

Tatsuya Asami, director and senior vice-president at Grand Seiko global division, said that the broader industry context has shifted since the pandemic, when demand for high-priced watches surged and long waiting lists became common.

"I believe there is still much more room for the growth of the watch industry—luxury and otherwise—moving forward," he said, adding that mechanical watches continue to hold strong emotional appeal even as digital devices have made timekeeping more convenient than ever.

Asami also said that the rise of smartwatches has, somewhat unexpectedly, expanded rather than reduced the market for mechanical watches.

Consumers who initially adopt devices such as the Apple Watch often return to buying traditional mechanical timepieces after becoming accustomed to wearing a watch daily, he said.

"A lot of younger consumers, especially those joining their family businesses, are gravitating towards an upgrade to the Grand Seiko because they're putting in the effort to understand craftsmanship," Mazumder added.

He said millennials are increasingly influencing purchase decisions within families, sometimes encouraging their fathers to choose Grand Seiko's Spring Drive collection over more conventional luxury brands.

Supply challenge

The company's biggest constraint is no longer attracting buyers but producing enough watches to meet demand.

Grand Seiko watches are hand-finished by a limited number of certified craftsmen in Japan, making rapid production expansion difficult.

"The bigger challenge is ensuring we have enough inventory," Mazumder indicated, noting that global demand continues to exceed supply.

Executives also pointed to another structural hurdle: India's lack of dedicated luxury retail districts.

Unlike Tokyo's Ginza or Los Angeles' Rodeo Drive, luxury watch boutiques in India typically operate alongside mass-market brands within shopping malls, limiting the kind of concentrated luxury shopping experience available in more mature markets.