Imaging major Canon India expects to triple its turnover to Rs.7,000 crore by 2015 on the back of promising growth prospects from its product expansion strategy.
“This year we are targeting revenue of R2,350 crore. However, we aim to triple our turnover by 2015,” said Kazutada Kobayashi, president and CEO, Canon India.
Last year, the company posted a 23% growth in turnover, highest among countries across Asia. However, India contributes just 1% to the turnover.
“The contribution is quite low but growing, we see India contributing over 5% in next 2 years.”
Canon is planning to expand its product portfolio with focus on the commercial segment. Some new domains include commercial printing machines, EOS professional video camera and medical digital imaging solutions.
“We will intensify our presence in the commercial segment since there is huge potential to grow,” says Kobayashi. Consumer and commercial segments currently contribute equally to Canon India’s Rs.1, 850 crore revenue in 2012.
Canon Image Square, the retail venture from Canon India will also play an important role in driving turnover.
Canon has planned to penetrate into tier 2 and tier 3 markets while adding 70 exclusive outlets by year end.
“We have established 93 shops in 48 cities while our target is to establish 160 shops this year.”
Canon plans to hire 150 people across segments. Currently, it has 1,000 employees.