Citizen and Seiko Both Became EUR 1 Billion Watchmakers in 2025
Japanese Watch Giants Break the EUR 1 Billion Barrier
While we often publish articles focusing on the financial results of Swiss and/or European brands and groups, looking at major actors such as the Swatch Group, Richemont or LVMH, what we have rarely done is look at the results of two of the main giants of the watch industry, Japanese conglomerates Citizen and Seiko. However, this year, their results are truly significant, as both watch divisions have broken the EUR 1 billion barrier, outperforming the performance of most Swiss or European watchmakers.
Seiko Group Corporation Results
As a comparison, if we take a look at the reports published by Vontobel and Morgan Stanley/LuxeConsult earlier this year, only a handful of Swiss watchmakers are reporting sales over EUR 1 billion – namely, it includes Rolex, Cartier, Omega, Patek Philippe, Audemars Piguet, Richard Mille, Longines and Vacheron Constantin. Most of these are, at the minimum, categorised as luxury watchmakers if not high-end, ultra-luxury brands.
Let's start with the Seiko Group Corporation, a conglomerate that includes the watch division – Grand Seiko, Credor, King Seiko, Seiko Prospex, Seiko Astron, Seiko Presage and Seiko 5 Sports – as well as the production of movements for third parties. The watch division reported sales at JPY 203 billion in 2025/2026, equivalent to EUR 1.1 billion at today's exchange rate.
More impressively, the group reported an increase of 27% of sales over the last fiscal year, when Swiss watch exports were down by 1.7% in 2025. This significant increase is said to be driven by strong sales on the domestic market (thanks to a low local currency, beneficial to tourism) and strong growth on the US market. This applies to both Grand Seiko and Seiko Global Brands, in particular Prospex and Presage.
Citizen Watch Co Results
Now let's take a closer look at Citizen Watch Co, a group including Citizen and Bulova (Frederique Constant, Alpina, La Joux-Perret, Angelus and Arnold & Son are not included in this report). Overall, the group reported sales at JPY 346 billion, including JPY 197 billion for the watch division, equivalent to EUR 1.07 billion at today's exchange rate.
The group, like Seiko, includes additional activities (machine tools, devices and components). Over the past fiscal year, the watch division of Citizen Watch Co has grown by 10%, with an operating profit up by 38%.
Citizen indicates that the "revenue in the domestic market increased as recovering domestic demand offset a decline in sales to inbound tourists," for Citizen, while Bulova remained strong on his core North American market. In Europe, "mechanical watches remained popular in various countries, with performance in Italy and France being steady."
Comparison with Swiss Watchmakers
| Brand/Group | Watch Division Sales (EUR) | Year-over-Year Growth |
|---|---|---|
| Seiko Group | €1.1 billion | +27% |
| Citizen Watch Co | €1.07 billion | +10% |
| Swiss Watch Exports | CHF 25 billion (total) | -1.7% |
It is particularly interesting to see the positive evolution of these two giants of the watch industry, located on the other side of the planet and benefiting from their own internal ecosystem, while the traditional side of the watch industry, located in Europe, sees its sales declining according to the Swiss Federation of the Watch industry and external researchers.
Strategic Goals
As a final word about the Seiko Group Corporation, the financial report indicates that the mid- to long-term goal is for "GS to achieve a top-10 position among global luxury watch brands," and for Seiko Global Brands to "achieve a leading share in the global mid-priced watch segment." This ambitious positioning suggests continued investment in both Grand Seiko's luxury segment and the broader Seiko portfolio including Prospex, Presage, and King Seiko lines.
FAQ
Q: How do Japanese watchmakers compare to Swiss brands?
A: Both Seiko and Citizen have reached EUR 1 billion in watch sales, placing them among the top global watchmakers alongside Swiss luxury brands like Rolex, Cartier, and Omega.
Q: What drove Seiko's 27% growth?
A: Strong domestic sales in Japan (benefited by low yen attracting tourists) and significant growth in the US market, particularly for Grand Seiko and Seiko Prospex/Presage lines.
Q: Are Japanese watches a good investment?
A: With both companies showing strong financial health and continued innovation, Japanese watches offer excellent value proposition across all price segments.
Sources: Monochrome Watches, Seiko Group Corporation Financial Report, Citizen Watch Co Financial Report