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Canon India to expand retail presence; aims 400 stores by 2019

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Japanese imaging products major Canon is targeting around Rs 3,200 crore sales in next three years as the company witnesses an overall growth in its printers and imaging products business.

Canon India to expand retail presence; aims 400 stores by 2019
Japanese imaging products major Canon is targeting around Rs 3,200 crore sales in next three years as the company witnesses an overall growth in its printers and imaging products business

Besides, the company is expanding its retail presence by almost doubling the number of Canon Image Square stores to 400 by 2019, focusing on Tier II and III markets.

“We are growing 10 per cent this year and hope to continue it for the next three years. We would be around Rs 3,200 crore company by 2019,” President and CEO, , was quoted by PTI as saying.

He was further quoted by PTI as saying:” This year, we would finish around Rs 2,350 crore. Last year it was around Rs 2,158 crore.”

According to him, in 2016, camera has a healthy growing of around eight to nine per cent, inkjet printer would have growth of 14 per cent while office printer would have 10 per cent growth.

Presently, Canon India receives equal contribution from its business-to-business (B2B) and business-to-consumer (B2C) segments, he added.

“I want to retain this 50:50 ratio for the coming next three years,” Kobayashi was quoted by PTI as saying.

The company, which has recently launched EOS 5D Mark IV camera priced at Rs 2.54 lakh for the body, is confident to retain its control over the Digital single-lens reflex (DSLR) camera market along with its Japanese rival Nikon in India.

When asked whether new entrants as Sony would pose a challenge to their hold in DSLR market, Kobayashi was quoted by PTI as saying:”I do not think so. They may take certain percentage but the balance between us and Nikon of 50:50 may not be changed.”

Canon India is expanding the number of its Canon Image Square to 400 in next three years, which would not only focus on camera business but would also exhibit printers and projectors.

“The number of Canon Image square is reaching around 200. These points are also promoting photography itself… our ambition is to take it to 400 by 2019,” he was quoted by PTI as saying adding that “we have covered metros and next 200 shops would be expanded to Tier II and III”.

It would be on franchisee model and help Canon India to tap into smaller cities and towns.