The Japan Times reports that Citizen Holdings President Toshi Tokura said in a recent interview that the company plans to acquire a luxury Swiss watch brand within three years to increase its competitive edge in key markets such as China. They will be looking for a brand with a well known profile that has mechanical watches in the ¥500,000 to ¥1 million (approx AUD6,000 – AUD12,000) price range.
In April, their subsidiary Citizen Watch Co. purchased Prothor Holding SA, which includes La Joux-Perret SA.
President Tokura said that he aims to boost Citizen’s watch sales to ¥200 billion by 2018. The 2012 forecast is ¥147 billion. Part of this plan includes doubling Chinese retail outlets to 2,400, and doubling annual sales in China in the next half decade.