Kintarō Hattori opened a watch and jewelry shop in Tokyo in 1881, focusing on unique imported timepieces rare in the Asian market. His retail enterprise soon transformed into the production of clocks initially producing pocket watches and eventually the more modern wristwatch. In 1924, with the building of a new state-of-the-art factory, he launched Seiko competing with Swiss watchmakers in superior accuracy and cost. While most Swiss Watchmakers were reliant on movements and parts produced by different manufacturers, Seiko relied on vertical integration. By 1956, Seiko designed and produced every part in-house including the oil used in the movement, and within just a few years, Seiko was producing some of the most accurate, modern, and reasonably priced watches on the market. Seiko watches are true icons of Japanese design and modern influence.