Citizen as a brand is growing swiftly in the Indian market and is working towards creating a niche for itself. In an interaction with Katsusuke Tokura, MD, CITIZEN WATCHES India, we get an insight into the brand’s India operations.
Neha Malhotra(NM): What is the stature of the Indian watch industry? Who is your TG?
Katsusuke Tokura (KT): India as a watch market is at a growth phase and immense potential is available for all watch brands to grow. With the advent of many foreign brands and increase of promotion activities by everyone, the watch industry in India got a significant push which will continue to help in the industry growth. Our target group includes both urban Indian men and women above 25 years especially in the SEC A, B category.
NM: How do you position your brand? What is your business plan?
KT: Citizen is positioned in the affordable luxury segment. It caters to the middle and upper middle segment of the society through exclusive outlets, multi brand outlets and shop in shops.
NM: What are the revenues being generated by your online mediums of sale? What are the various POS for Citizen watches’ range?
KT: Citizen recently started focusing on online medium of sales and is looking forward to have good results. The POS for Citizen include – Exclusive Outlets, multi brand outlets and shop in shops.
NM: What is the profile of the customer(s)? What is the average price point for the maximum sale of your product range?
KT: Citizen customers are professionals and the new rich. We do not cater to mass market and main focus is on mid and upper mid market who wants better products at affordable price. All our products are value for money. The average price point for the maximum sale is between Rs 15,000 – 30,000.
NM: How often do you introduce fresh merchandise in your stores? What is the USP of your marketing strategy?
KT: We replenish our collection every four to six months. Our USP lies in the fact that we are trying to create a niche for our Eco-Drive watches for consumers who wish to purchase affordable luxury product.
NM: How about your expansion plans in India? Which regions are you targeting and why?
KT: The Indian watch industry is growing at 10-15 per cent every year and we plan to grow more than estimates. We are focusing on Tier I cities, however, we are also considering several Tier II cities due to increasing disposable income of the people.
NM: How about the brand’s international performance?
KT: We don’t have detailed reports, however, we are mid segment leaders in USA and China. We also come in top two positions in Japan
NM: How do you view the online-offline connect for retail these days?
KT: Online presence has started gaining importance and many consumers prefer to review different brands online before the final purchase. Slowly consumers are gaining confidence to purchase online due to the advent of several online portals.