On October 1, 2016, Citizen became new “Citizen Watch Co., Ltd.” transitioning from a pure holding company to a business operating company. As the company name includes “Watch”, this new structure signifies our determination to continue our efforts on the watch business at the core. We will continue to concentrate our resources especially on the watch business to promote the company’s growth strategy.
In terms of the watch business, in this fall, we will be releasing Eco-Drive One worldwide, in celebration of the 40th Anniversary of the launch of light-powered watch, which is Citizen’s strategic product. With this world thinnest Eco-Drive watch, which has gained wide popularity at “Basel World 2016”, as the driving force, we will strive to expand our shares in the medium price range market.
Also, as part of our multi-brand strategy, we have acquired a Swiss-based Frederique Constant Holding SA, a luxury watch manufacturer with refined design and advanced technology. Having this additional product lineup in higher price range than Citizen brand, we are expecting great synergetic effects.
Meanwhile, in terms of Japan as one of our priority markets, we will increase the sales ratio of ladies’ watch through initiatives such as the launch of Citizen L in this fall. In terms of North America, which is another priority market, we will aim to win an overwhelming share and become No.1 brand in the medium price range market through the consolidation of our sales subsidiary in the U.S.A. and Bulova Corporation in January 2017.
Regarding the machine tools business, which is our second core business, we will continue our efforts on development and promotion of products incorporated with leading technologies such as low frequency vibration cutting technology and execute various growth initiatives.
With regard to the devices and components business, we will aim to expand the business of processed-precision parts such as auto parts by leveraging the strengths that we have accumulated through watch parts manufacturing. Furthermore, in terms of the opto-devices business, by reinforcing collaboration with other companies, we will aim to further expand our shares in the high-wattage lighting market.
As for the electronic products business, with a focus on information equipment and healthcare products such as compact printer and photo printer, we will introduce high value-added products and provide new value based on our compact precision technology to the market.
Last year marked the end of the first three years of our medium term management plan “Citizen Global Plan 2018”, which was implemented in 2013 with an aim to become a “solid global company”, and the latter three years commenced in this fiscal year. We, “New Citizen Watch”, will reinvest dividends gained from structural reform and productivity enhancement in the first three years and strive to achieve our medium term goals through concerted efforts across the group.
Citizen Watch Co., Ltd.
President & CEO