Seiko’s India strategy, Japanese craftsmanship, and rise of tier 2 markets | Conversation with Niladri Mazumder

Luxury watchmaking is often perceived as timeless, yet the industry is in the midst of dynamic shifts that redefine what it means to own a truly unique timepiece. For Seiko, a brand rooted in Japanese craftsmanship and innovation, staying ahead involves blending tradition with a fresh, modern perspective. Leading this vision for Seiko in India is Niladri Mazumder, President and COO, who is passionate about steering the brand through new market opportunities and evolving consumer tastes.

In an exclusive conversation with Business Today, Mazumder discusses Seiko’s approach to capturing India’s diverse luxury landscape—from the urban hubs that favour high-end retail experiences to Tier 2 cities where demand for premium brands is burgeoning. He also shares insights on the minimalist design trend gaining traction among watch enthusiasts, the rising appeal of Japanese craftsmanship, and how Seiko connects with a younger, style-savvy generation. Mazumder’s reflections offer a compelling look at Seiko’s path forward, blending legacy with a keen sense of what today’s watch lovers truly value.

PD: What trends do you foresee shaping the luxury watch industry globally and in India?

Niladri Mazumder: “Globally, the luxury watch industry has faced a significant shortage of product supply. This issue is gradually being resolved as COVID-19 had severely impacted production rates over the past two years, particularly outside of India. As production normalises, the market is also adjusting. Previously, purchasing a Rolex or Patek Philippe at standard prices was nearly impossible, with prices soaring far beyond the manufacturer’s recommended price. However, we are now seeing a return to normal pricing levels. Brands are becoming more stringent about pricing, which they couldn’t enforce earlier due to supply constraints. This means that luxury watches will become more accessible to consumers, even if they remain high-end products.”

“In India, we are at the early stages of luxury market growth. We have both the products and the consumers, and I anticipate a shift towards more brand-exclusive stores. For instance, we will see more Grand Seiko stores, Omega stores, and Rolex stores, rather than multi-brand outlets. While the number of multi-brand outlets may not decrease, their growth will not be as rapid. The trend will focus on establishing exclusive stores for each brand catering to the burgeoning luxury market in India.”

PD: What developments can Indian luxury watch enthusiasts look forward to in 2024?

Niladri Mazumder: “One notable shift I foresee is towards simpler designs. While high-end watches, like those from Patek Philippe, have traditionally featured intricate complications, there is now a trend towards cleaner, less busy dials. This does not mean a compromise on quality or innovation. Instead, watches are becoming more refined and classical, with a focus on craftsmanship and elegance. This classical trend is emerging across both fashion and luxury industries worldwide.”

PD: Japanese watches have a unique presence globally. How do you see their influence evolving?

Niladri Mazumder: “Japanese watches have traditionally been in the affordable space, aside from Seiko and Grand Seiko now. However, if you look at how Japan has evolved in the retail space—from food to whiskey to their products and designers—they’ve become really popular. Japan seems to be the flavour of the last couple of years, and that continues with Grand Seiko. We say that it’s the ethos of Japan reflected in the watch. It’s the art and craftsmanship of Japan that are embodied in the watch, and that’s what we want to promote.”

“Coming from Japan, we draw inspiration from its nature and culture, aiming to bring the best of Japan to the world. Other brands will keep innovating at their price points, but at the higher price point, I think Grand Seiko is the way to go.”

PD: Seiko has a long history in India. What key lessons have you learned, and how will these shape your future strategy, especially in Tier 2 cities?

Niladri Mazumder: “When Seiko came into India, we came in late, and the Swiss were here before us. There’s a disadvantage when you don’t have the first-mover advantage. You don’t make the same mistakes as others. In their desperate bid to grow, other brands entered retail spaces that didn’t deserve to sell their products and didn’t provide the kind of service the customer needed. Now brands are moving out of these stores, curtailing their distribution, and focusing on quality over quantity, which is having a huge impact. This trend will continue.”

“Tier 2 markets follow a similar pattern. These markets have significant purchasing power, but unfortunately, there are often no stores selling high-quality, high-priced watches. As a result, many customers from Tier 2 markets turn to online shopping where they can access a wider range of premium products. Brands that can establish this premium experience in Tier 2 and Tier 3 cities quickly will reap significant benefits. These cities are where luxury will see the fastest growth in the next few years.”

PD: How is Seiko engaging with India’s younger generation and cultivating a new generation of watch enthusiasts?

Niladri Mazumder: “For the youth, we have a collection called 5 Sports. Engaging with this demographic requires understanding their unique consumer profile and meeting them where they are. Mobile phones are central to their lives, so we must be present on digital platforms with information, opportunities to purchase, and brand communication.”

“Our advertising strategy has shifted significantly from traditional to digital media to target this audience effectively. For example, we launched the Utah Origami Limited Edition not in our stores or boutiques, but at Superkicks, a popular sneaker store. This approach allowed us to connect with trendsetting youth where they shop, resulting in the entire collection selling out quickly.”

PD: What advice would you give to someone buying their first serious timepiece?

Niladri Mazumder: “The most crucial advice for buying your first serious timepiece is to choose one that you genuinely love and will still be proud to wear five years from now. Avoid being overly influenced by what others are doing. Do your own research, follow your instincts, and select a brand and style that resonates with you. Setting your own trend and staying true to your preferences is key when making serious and meaningful investments like this.”

PD:: Do you have a personal favourite Seiko watch?

Niladri Mazumder: “Oh, choosing a favourite from Seiko’s collection is tough—they have so many great watches. One of my favourites is a diver’s watch, which holds special meaning for me. Seiko has a rich history as a pioneer in diver’s watches, and the one I own is a recent replica of their original design. It’s robust and durable, perfect for my active lifestyle—whether I’m riding motorcycles or engaged in sports. I love its bold and vibrant look, typical of Seiko Prospex watches.”