Japanese premium watchmaker Citizen on Monday said it would invest about $3-4 million in the next two years to expand its business in India and has signed up cricketer Rahul Dravid as its brand ambassador.
"For the next two years we have earmarked an investment of about $3-4 million for our retail expansion and brand promotion," Citizen Watches India managing director Hideaki Nakazaki told reporters in New Delhi.
He said the company was looking at doubling sales in India from 200,000 pieces last year, for which it was on a retail expansion programme.
"Last year we had a turnover of about Rs 60 crore (Rs 600 million). This year we are looking at doubling it. Also, we have set a target of opening 350 retail outlets by the end of the year," he said, adding for this year alone, the company was targeting a sales of 3,00,000 units.
Moreover, the company would also be increasing the number its exclusive retail stores to 40 by the end of the year from the current level of 27 across India.
"This month itself we are adding three more exclusive outlets," he said, adding the aim was to add one exclusive outlet and three in multi-brand shops every month.
Nakazaki said Citizen was expecting to have a huge impact on sales after signing up Dravid as its brand ambassador. Dravid is the company's second brand ambassador after actress Kareena Kapoor.
He also said Citizen would be increasing exports to SAARC countries, which was worth about $2 million last year.
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