In April this year, the CITIZEN Group started a new medium-term management plan by establishing a vision of “Sense the time and create an impression for the future; Innovation for the next.” The time means “times” themselves, and the vision embodies our approach to permanently providing inspiring products manufactured by our own hand, together with services, to future societies and next-generation citizens through the promotion of diverse innovations by grasping and remaining sensitive to the flow and changes of the times and trends.
We are currently operating in a fast-changing environment. Rapid progress in digital innovation, including IoT and AI, has markedly changed people’s daily lives. In addition, the business environment has been changing rapidly, with the quick expansion of distribution on the Internet and the heightening of uncertainties in the global market. By flexibly responding to these sweeping changes and challenging the status quo, we would like to promote open innovation, work on new initiatives such as refurbishing value chains, and create new added value which only Citizen can do, thereby creating a future that evokes an impression in people’s minds.
Under the new medium-term management plan, we position Watches and Machine Tools as our core businesses. In the Watches Business, we aim to create new value and experience over time by offering the value of “goods” which we, as a manufacture d’horlogerie, have been pursuing using the technology and skills to create the best items that others cannot, as well as the value of “experience” in order to provide moving experiences to each customer. In the Machine Tools business, which has grown to be the second pillar of our business, we will work to create the world’s most advanced production innovation solution toward achieving growth over the medium to long terms. In the Devices & Components Business and Electronic Products Business, we will refine our business and product focus, while seeking to differentiate ourselves from our competitors by improving our proprietary technology, aiming for profit generation.
Upholding its corporate philosophy of “Loved by citizens, working for citizens,” the Citizen Group celebrated its 100th anniversary last year, a milestone reached thanks to everyone’s support. However, during the past 100 years, images of citizens have changed greatly. In a climate of rising globalization and changes in social circumstances and lifestyle, citizens who live there have become diversified, with different value sets. In taking a new step this year into our 101st year, we will renew our sense of engaging with this corporate philosophy, sincerely consider what it means in this era to be “Loved by citizens, working for citizens” and contribute to solving social issues through products and services that offer new value, thereby aiming to be a company that continues to be needed by society in the next 100 years.
Citizen Watch Co., Ltd.
Toshihiko Sato, President & CEO