Casio’s India Move: Watches ‘Made in India’ on the Horizon
Japanese consumer electronics giant Casio is set to embark on a significant journey in India. The company has announced plans to commence local manufacturing of watches in India by the end of this year, marking a substantial step toward tapping into the immense potential of the Indian market.
A Strategic Partnership for Quality Watches
Casio is working in collaboration with a local partner in India to ensure the production of high-quality watches that meet the brand’s stringent standards. Quality evaluation is currently underway, with the company eyeing the launch of its first “Made-in-India” range of watches by the close of this year, according to Casio India’s Managing Director, Hideki Imai.
Imai expressed optimism, stating, “We expect this to happen before the end of this year.” The move underscores Casio’s commitment to the Indian market, which has displayed remarkable growth potential and holds the key to the company’s future success.
Prioritizing the Indian Market
Casio’s decision to venture into local manufacturing comes on the heels of an impressive performance in the Indian market during the last financial year, which concluded on March 31, 2023. The company reported substantial double-digit growth in revenue figures and achieved its highest-ever operating profit.
“We are prioritizing the Indian market, which has the highest growth potential. India has the highest number of youth, below 35 years, and we have recognized that fact. We are optimistic about growing the business here in India,” stated Imai. Casio’s parent company expects the Indian unit to be the torchbearer of growth in the coming five years.
While specific revenue figures were not disclosed by Casio India, the company has set an ambitious target to achieve a two-fold increase in sales this year.
Imai shed light on the growth objectives, saying, “We are aiming for 3X growth by 2025 compared to the pre-COVID year sales numbers of 2019, when we achieved our highest numbers.”
Brand Presence and Expansion
Casio has a strong presence in the Indian watch market, offering a range of brands, including G-Shock, Vintage Collection, Edifice, and Enticer, with prices spanning from Rs 1,500 to around Rs 3 lakh.
Among these, G-Shock, designed for harsh environments and popular among sports and outdoor enthusiasts, currently stands as the best-selling watch in India. In a bid to further bolster its sales and brand appeal, Casio recently named Indian cricketer Shubman Gill as the brand ambassador for its G-Shock watches. The company anticipates that Gill’s persona and image will resonate with Gen Z customers, a demographic that already favors G-Shock timepieces.
Aside from cricket, Casio also has plans to engage with various other sports and activities to expand its reach.
In terms of retail presence, Casio is on a growth trajectory. The company is actively expanding its retail footprint in India, aiming to open an additional 100 stores by March 2026. These stores will primarily cater to the Gen Z and millennial generations, which have shown a penchant for Casio’s offerings.
Currently, around 30% of Casio’s watch sales are generated through online channels, a number expected to rise in the years ahead.
Casio India Co. is a subsidiary of Tokyo-based Casio Computer Co., one of the world’s premier manufacturers of consumer electronics and business equipment solutions. The company has been serving the Indian market since 1996, offering a diverse range of products, including watches, electronic musical instruments, calculators, clocks, and label printers.
