The domestic watch industry, which witnessed a slowdown post demonetization will face the impact of increase in import duty, a top official of Japanese watch maker, Seiko said.
According to a PTI report: The industry, which witnessed a slow down in the wake of demonetization and implementation of GST, now has to face the impact of increase in the import duty from 10 to 20 percent, Niladri Mazumder, President, Seiko Watch India said.
The industry was still looking at how increase in the duty will impact its performance, he said adding there could be a short term impact, which has to be deliberated upon.
When asked whether the company proposed to hike the watch price in view of this, Majumder said it was too early to decide and will depend on overall impact on the industry.
Majumder, who is here to launch the company’s product Presage, a collection of nine watches at Zimson showroom, said the company with a compounded annual growth rate of 20 percent for the last 11 years, is growing at 15 percent at present.
South India contributed significantly to the turn over of the company followed by North.
Stating that Presage, the latest fine mechanical watch collection will be a trend setter in India for another five years, the COO said the company will launch a collection for women by March.