5 Facts About The Journey of Grand Seiko
Seiko has been one of America’s most well-known watch companies for nearly 50 years. Seiko quartz watches have long been a staple in the mid-range of the enormous US watch market, ranging from $100 to $500. Seiko has been the company’s protagonist brand in New York since 1967 when Tokyo’s K. Hattori & Co. established Seiko Time Corp.
Seiko Watch Corp. (SWC), the successor to K. Hattori & Co., is turning its US business away from inexpensive Seiko-brand quartz watches and toward Grand Seiko, the company’s premier luxury watch manufacturer, in a strategically important turnaround. Grand Seiko, which began in Japan in 1960 and expanded abroad in 2010, focuses on men’s mechanical timepieces in the United States, with prices ranging from $2,000 to $10,000.
1. Seiko Group Plan Towards Luxury
Grand Seiko is Seiko’s high-end range, which will be the brand’s future in this market. With its typical Seiko-branded quartz products, the business will remain competitive in the mid-market. Seiko Watch of America, a distinct entity, will manage that trade.
However, Grand Seiko will remain the company’s primary priority in the future. Grand Seiko is the fresh brand of Seiko in America, according to Shinji Hattori, Chairman, and CEO of Seiko Watch Corp. and the developer of the new approach. The modifications in the US are a component of Seiko Group’s protracted strategy to become a major player in the profitable luxury watch industry. Hattori intends the businesses to gain aggressively in worldwide markets, as it does in Japan, for market share with Swiss brands. Grand Seiko is one of the top five most popular luxury watch manufacturers there.
The revisions are also in reaction to a fast-changing global watch industry, which provides SWC with both advantages and threats. The difficulties are particularly in the mid-priced category, which has traditionally been Seiko’s bastion. Resulting from market upheaval induced by smartwatches, e-commerce, and wearables, as well as the troubles of brick-and-mortar shops, notably department stores, Seiko’s sales in the US have deteriorated in past years.
The luxury sector has the most promise, according to Seiko executives, who feel Swiss brands are vulnerable for a variety of reasons. Seiko’s long record as a highly integrated manufacturer, as well as its expertise producing luxury timepieces for the Japanese market such as Grand Seiko, offer it a fair shot on the world stage.
2. Goal For Predominance in Luxury Market
The formation of the Grand Seiko of America corporation signifies the company’s expansion. GSA introduced more new goods in a wider price range, established more authorized luxury watch dealers, and increased marketing spending. In terms of goods, Grand Seiko’s current pricing range offers more choices, with an average selling price of $6,300. Grand Seiko’s ambition is to become one of the top five luxury brands in the $5k to $10k price range in the US.
3. The Horological Technology
These collections aim to modify Seiko’s reputation in the United States as a low-cost, mass-market brand. Masterpiece, Elegance, Heritage, and Sport are some of the Grand Seiko collections. The brand wants to change the picture that customers and retailers have of us so that it reflects who they truly are. Specifically, a full-fledged watchmaker that manufactures all of its watches, watch parts, and watch movements in-house, including hairsprings, both quartz and mechanical. In 1895, Seiko began producing timepieces.
Seiko is a renowned quartz watch manufacturer. However, according to Seiko executives, the totality of Seiko’s watchmaking prowess is still barely understood in America. The company boasts that it is the world’s first watch company to grasp every form of horological technology. Standard quartz, mechanical quartz, Kinetic quartz, solar-powered quartz, Kinetic Direct Drive, radio-controlled quartz, GPS solar quartz, and Spring Drive are the eight technology the brand boasts. These technologies are present in the luxurious Grand Seiko.
4. Matter of Culture
People all across the world are attracted to Japanese culture, thus Grand Seiko is benefiting from a new worldwide admiration for Japanese items. Many Japanese products used to be too unusual and too “foreign” for outsiders, but that is no longer the case. The popularity of Japanese products and design is on the rise.
One of Grand Seiko’s distinguishing features is that it embraces Japanese attributes and the notion of Japanese beauty. The fact that the company was founded and nurtured in Japan has a significant impact on the products. This is a subject of experience, history, and culture, which results in what the company refers to as Japanese expertise, innovation, and so forth. A Grand Seiko has its personality. It’s something observable, but it’s also something emotional. Grand Seiko wants to underline the intangible quality of ‘Japanese-ness’ that distinguishes their timepieces from their Swiss competitors at a time when it is so vital to promoting a brand’s individuality.
5. Pride and Prejudice
When Seiko introduced Grand Seiko to the worldwide market for the first time in 2010, the reaction was swift. Lovers of watches, some of whom regarded it a cult item, were ecstatic.
However, there were many naysayers in the watch industry. According to some, Seiko is attempting to circumvent marketing restrictions. They contended that you can always take a high-end brand down, but you can never take a low-end brand up. On the other side, one senior Swiss watch executive claims that Seiko creates the best mechanical watch in the world, with only one flaw: its name.
Meanwhile, another Seiko customer claims that they don’t need Seiko in the luxury market since they already have enough brands and that they need them to be competitive where they are, in the middle. When it comes to breaching marketing restrictions, Grand Seiko does not see it that way. Naito, a top SCA executive, claims that they are not changing their market position as they’re always in the luxury market.
Grand Seiko is now totally self-sufficient and embarks on a new adventure. Grand Seiko has taken another major step forward on its new path. SWC in Tokyo established a new firm in the United States dedicated solely to Grand Seiko sales, promotion, and marketing. This new company is a key aspect of Grand Seiko’s global plan to boost the brand’s profile. The brand has gotten a lot of attention across the world, and while many people don’t want to be a part of it, they can’t stop looking at its timepieces from various collections.