Digital camera and printer maker Canon is aiming to double its sales in India from the current Rs 400 crore to Rs 800 crore by the end of 2008.
The company is planning to invest Rs 100 crore in India next year to help double its revenue. It will be launching around 80 products across categories next year and spend Rs. 70 crore on marketing.
To achieve its targets, Canon India will focus on enhanced retail presence and an increased manpower.
The company plans to add six exclusive Canon showrooms to the existing four across the country.
For digital cameras where Canon has collaborations with 13 retail chains, there will be tie-ups with seven more retail chains to increase the presence of Canon's products in 200 stores from the existing 51 stores.
"We will be increasing our headcount from existing 520 employees to 700 by next year," Alok Bharadwaj, Vice-President, Canon India told reporters.
"India contributes to less than 1 per cent of Canon's global revenue of $40 billion whereas China contributes over than 5 per cent, " Kensaku Koniki, President and CEO, Canon India told Hindustan Times.
He also added that in India the grey market sales, which involve Canon products brought in through illegal imports, are much higher than the original market sales.
"However, we expect India to reach a two-digit market share in the next five to ten years," added Koniki.
In the digital camera market segment, the company competes with players like Nikon and Kodak and leads with 27.8 per cent market share according to a study conducted by GfK, an AC Nielsen Group company.
IDC estimates Canon India to be leading the digital copier segment with a market share of 27 per cent.