Leading Japanese consumer electronics maker Casio would start local manufacturing of watches by the end of this year in India, which is a priority market for the company, a top company official said on Wednesday. The company is working with a local partner here, where quality evaluation is going on and expects to launch its first Made-in-India range of watches by the end of this year, said Casio India, Managing Director Hideki Imai.
“We expect this to happen before the end of this year,” Imai told PTI.
Casio is encouraged by its sales in India in the last financial year that ended on March 31, 2023, recording a high double-digit growth in revenue numbers and the highest operating profit.
“We are prioritising the Indian market, which has the highest growth potential. India has the highest number of youth, below 35 years and we have recognised that fact. We are optimistic about growing the business here in India,” said Imai adding the parent company expects the India unit to deliver the highest growth in the next five years.
Though Casio India did not share its revenue figures, the company aims for two-fold growth in India sales this year.
When asked about the growth, Imai said: “We are trying to have 3X growth by 2025 over the pre-COVID year sales number of 2019, when we had achieved the highest numbers.”.
Though Casio India has not shared its revenue figures but said it has a target to grow two folds in sales this year.
Casio is present in the watch market with brands such as G-Shock, Vintage Collection, Edifice and Enticer ranging from Rs 1,500 to around Rs 3 lakh.
According to Imai, G-Shock, which is designed for usage in harsh environments and is popular among sports and outdoor enthusiasts, is currently the highest-selling watch in India.
The company expects, Gill’s persona and image will help it connect with Gen Z customers, among which its G-Shock watches are popular.
Besides Cricket, Casio also plans to associate with other game formats and activities, he said.
Casio, which is currently available at around 800 points of sale and has 59 exclusive brand outlets (EBOs), is also expanding its retail presence further in the country. It is currently operating EBOs separately for Casio and G-Shock brands in India.
“We are eager to open another 100 stores by March 2026,” he said.
For G-Shock, EBOs would come mainly in metro cities as the target are mainly GenZ and millennial generation, with high disposable income, Imai added.
Currently, Casio’s 30 per cent of sales of watches come from online channels and expects this ratio to go up in coming years.
Casio India Co is a subsidiary of Tokyo-based Casio Computer Co, one of the world’s leading manufacturers of consumer electronics and business equipment solutions.
The company has been present in India since 1996 with a range of products which include watches, electronic musical instruments, calculators, clocks and label printers.