April 25, 2013

Canon to unveil 200 Canon Image Square stores in India by 2015

Canon India, a subsidiary of Japanese electronics company, has outlined plans to further its Canon Image Square chain in the country with the launch of an additional 200 outlets by the end of 2015.

By admin-demo

Canon India, a subsidiary of Japanese electronics company, has outlined plans to further its Canon Image Square chain in the country with the launch of an additional 200 outlets by the end of 2015.

The company currently operates 100 stores in the country. The expansion is aimed at boosting the revenues by two fold to achieve retail sales of INR3.4bn ($62.78m) by the end of next three years.

Speaking about the expansion plans, Canon India executive vice president Alok Bharadwaj stated that the company is set to raise its store count to 300 and it is looking to penetrate 100 new markets in the country.

"We expect that in next three years revenues from this vertical would double and clock around Rs 340 crore," he added.

"This year with new initiatives, we should be able to increase market share in both DSLR and compact camera categories by 5 per cent each."

The company currently has a market share of 40% in the DSLR category alongside 20% market share in digital compact camera.

Canon India expects to generate revenues of INR21.25bn ($392.3m) through operations across its business for the current year.

The 12 camera models that Canon has launched in the subcontinent market include two new DSLR and two new camera models to shoot movies.

It has also extended its wi-fi-endowed compact digital camera range adding five new models.

"We sold 24 cinema cameras last year. This year we are confident to sell 100 cameras," Bharadwaj concluded.