Financial Daily from THE HINDU group of publications
Friday, Mar 07, 2003
Financial Daily from THE HINDU group of publications Friday, Mar 07, 2003 |
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Marketing
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Retailing Citizen plans more showrooms Our Bureau
MUMBAI, March 6 CITIZEN Watches (India) Ltd is planning to expand its retail presence by having 30 exclusive `First Citizen' showrooms across the country. Inaugurating its sixth exclusive store in Mumbai, Mr H. Nakazaki, Managing Director, Citizen Watches (India) Ltd, said, "Our First Citizens have been performing extremely well. We plan to take this format across the country and our target for 2005 is to have 30 First Citizens." The company is also hopeful of doubling its turnover in three years from Rs 20 crore to Rs 40 crore. Added Mr Chandy Jacob, Vice-President, Citizen Watches India Ltd, "We have started making marginal profits this year and will be investing Rs 5 crore on our advertising and retail initiatives." Citizen Watches (H.K) Ltd, is also planning to increase its stake to 90 per cent in its Indian subsidiary by buying out its joint partner, Doshi & Co. The company intends becoming a 100 per cent subsidiary company of its parent company in the future.
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