Citizen mulls expansion in India

Chennai, Jan 23: Citizen Watch Company Limited will expand operations in India, Company President and CEO Makota Umehara, who is on his first visit to India, said in a release here today.

The company plans investment to ensure an annual growth rate of 30 per cent to 40 per cent in the coming years, the release said.

The growth rate of Citizen for the last three years was best, by industry standards. It registered a unit sales growth from 100,000 and sales value of Rs 220 million in 2003-2004, to an estimated 240,000 unit and Rs 600 million in 2006-2007, a 172 per cent value growth in the last three years.

Citizen's retail expansion plans were never restricted to major cities as they have 10 lakh plus cities and rural towns in their long-term plans.

The new men's collection planning foray into Indian market were 'Minute Repeater', 'Perpetual Calendar', 'Moon Collection', 'Promaster Series' and 'Stiletto'.

The ladies include 'Kareena Collection', 'Fashion and Diamonds'.

Currently, Citizen had 40 exclusive showrooms in major cities and more than 300 Citizen Corners (Multi-Brand outlets) across the country.

To boost sales, Citizen has roped in Indian Cricket Captian Rahul Dravid and famous actor Kareena Kapoor as 'Brand Ambassadors', the release added.

UNI