It's so critical that when you relaunch a brand that you create "white space" around it so people can focus on the new and not get confused by the juxtaposition of old and new.
The new campaign is better but the art direction/style looks about 20 years out of date. If you want to create a clear distinction between old, current Seiko and this new campaign then a lot of details need to change including the style of photography. This campaign even being generous is no more than a straight C.