Seiko was founded in 1881, when Kintarō Hattori opened a watch shop called "K. Hattori" in Tokyo. Eleven years later he began to produce clocks under the name Seikosha, meaning roughly "House of Exquisite Workmanship". The first watches produced under the Seiko brand appeared in 1924. In 1969, Seiko introduced the Astron, the world's first production quartz watch; when it was introduced, it cost the same as a medium-sized car. Seiko later went on to introduce the first quartz chronograph and then in the late 1980s, Seiko produced the first Kinetic watch. Today Seiko is renowned for its innovative approach to watch making.