The world's largest watchmaker Japan Citizen launches multi-brand strategy in China

The world's largest watch manufacturer, the Japan Citizen Group, has entered the Chinese market for many years and has finally begun implementing its multi-brand strategy.

Yesterday, the "First Financial Daily" learned from Citizen (China) Watch Co., Ltd. that after the CITIZEN, the only brand in the Chinese market over the years, the Citizen Group has recently launched another brand, Vagary, and the Citic Group plans to move forward from next year. Began to launch several other watch brands such as Paul Smith and Furla in the Chinese market.

The Citizen Group has exported watches to China since 1958. Citizen Watch (China) Watch Co., Ltd. was established in Beijing in August 1994. It is a wholly-owned enterprise and has branch offices in Beijing and Shanghai. At present, in the Chinese watch market, the "CITIZEN" brand ranks first in the market share of imported watches.

In August of this year, the newly appointed chairman of Citizen (China) Watch Co., Ltd. Yasaki Yatsuki told reporters during an exclusive interview that the current Chinese fashion watch market is growing rapidly, while the CITIZEN brand is positioned as a “traditional watch” and is mainly suitable for people in formal wear. The image of such a traditional watch cannot meet the demand of the Chinese fashion watch market. Therefore, the Citizen Group decided to transplant the “multi-brand strategy” that was launched soon in the global market to the Chinese market.

The Vagary brand newly launched by China Citizens Group in the Chinese market is positioned as a “middle and high-end fashion watch”. “Happy, casual and pleasant surprise” is the essence of this fashion brand concept. There are more than 50 kinds of Vagary brand models currently available in the Chinese market. 700 yuan to 1,500 yuan.

At present, there are already 30 Vagary branded monopoly counters in China's major department stores. Yazaki Takao said that before the end of next year, the number of Vagary branded cabinets will increase to 200, and the Citizen Group plans to sell in the Chinese market within three years. 100,000 Vagary watches, and will launch several fashion watch brands in the Chinese market from next year.