Citizen Watch Co., the country's largest watchmaker, is eyeing acquisitions that could add premium timepieces to its offerings, as the company looks to gain more high net-worth customers.

The company will consider targets in the luxury segment with brands that sell watches worth about ¥2 million ($18,300) or more, Chief Executive Officer Toshio Tokura said in an interview at Citizen's headquarters in Tokyo. It will also look at labels in other price ranges, he said, specifying that Citizen doesn't have a time frame to make any purchases. Tokura said Citizen will keep an eye on developments in the smartwatch segment.

Now that Apple Inc. has dethroned Rolex SA as the world's biggest watch brand, Citizen is considering raising its credentials as the lower-end segment wilts in the face of competition from fitness brands and smartwatches. A luxury acquisition would strengthen the portfolio of Citizen, which two years back bought Frederique Constant SA and gained control of Swiss brands that have entry prices from about $1,000 to more than $10,000. Such a move would also help it compete with Richemont-owned Vacheron Constantin SA and Swatch Group AG's Blancpain SA.