The Real Pepsi GMT Is Here—and It’s Not What You Think

In the watch world, “Pepsi” doesn’t mean soda. It means red and blue. And at the end of the day, it means Rolex GMT-Master—the dual-time watch with an iconic red and blue bezel insert, nicknamed the “Pepsi” by collectors decades ago.

Today, nearly every brand that’s ever released a red-and-blue bezel has felt the full weight of the Pepsi nickname. But until now, no one had actually teamed up with Pepsi. Leave it to Seiko to be the first.

The First Pepsi GMT With Pepsi on the Dial

Seiko’s new SSK047 is, quite literally, the real Pepsi GMT. Based on the brand’s 2022 Seiko 5 GMT series, this limited edition features a glossy red and blue Hardlex bezel, a black dial that reads Pepsi GMT, and a matte black hard-coated case paired with a black silicone strap (also Pepsi-branded).

At $550, it keeps all the practical appeal of the original SSK series: a reliable automatic GMT movement (Seiko’s NH34), 100 meters of water resistance, and an agreeable 42.5mm case diameter (only 46mm lug-to-lug). 

But the real draw is the branding. This is the first time a red-and-blue GMT has featured the actual Pepsi logo on the dial. And if that weren’t enough, each watch comes packaged in a custom case shaped like a Pepsi can.

Only 7,000 units will be made, with deliveries beginning in September.

There’s a Pepsi Diver, Too

Alongside the GMT, Seiko also announced the SRPL99—a 38mm diver-style Seiko 5 with a similar red and blue aluminum bezel and the same Pepsi branding on the dial.

It shares the same philosophy: an affordable, automatic watch with a fun twist. The SRPL99 features a silver sunburst dial, steel case and bracelet, and Seiko’s 4R36 movement. Water resistance is rated to 100 meters, with a push-pull crown, and like the GMT, it ships in a Pepsi can-shaped box.

It’s priced at $395 and also limited to 7,000 pieces.

Fun, Collectible, and Actually Worth Wearing

Both watches are built on strong foundations. The 38mm diver brings classic SKX styling to a more compact case size that collectors have been asking for, while the Seiko 5 GMT offers an automatic dual-time complication at a price that helped define the category. Plenty of brands now use Seiko’s NH34 movement—but there’s something fitting about getting it from the company that built it.

Neither of these models are screw-down-crown tool watches in the traditional Seiko diver sense. But they’re not pretending to be. They’re reliable, easy to wear, and fun in a way that doesn’t feel forced.

And the packaging isn’t an afterthought. The Pepsi can case is part of the appeal—it’s playful, specific, and instantly collectible.

And for once, the packaging doesn’t feel like an afterthought. The Pepsi can case is part of the appeal. It makes the watches feel collectible and memorable in the way that limited editions should.

The Cosign That Watch Collectors Didn’t See Coming

Plenty of brands have made their own “Pepsi” bezels in the shadow of the Rolex GMT-Master. But Seiko is the first to make it official. They got the Pepsi cosign. And they had the clarity—and humor—to put Pepsi GMT on the dial.

In a hobby full of informal nicknames, this release cuts through the noise. It’s not trying to be ironic or edgy. It’s just Seiko doing something smart, fun, and totally on-brand.

They didn’t reinvent the wheel. They put a Pepsi logo on it, put it in a soda can, and called it what we’ve all been calling it anyway.