Digital imaging company Olympus on Monday said it planned to invest Rs 50 crore in India to set up six exclusive showrooms in major metropolitan cities, as it targeted to double revenues from the country to $20 million this fiscal.
"We closed the last fiscal in India with a top-line of 10 million dollars and with the double digit growth in the market coupled with new launches, we anticipate our revenues to double to 20 million dollars in the current fiscal," Olympus General Manager (Asia-Middle East Business group) Yoshitomo Nagashima told reporters here.
He said Olympus would sell its entire portfolio of products, including digital cameras, voice recorders and binoculars in India through its exclusive showrooms.
"The company would invest Rs 50 crore in opening six showrooms in the country. These showrooms would be owned by the company but would be managed by its authorised distributors," he said.
Olympus exclusive showrooms would come up in cities including Delhi, Mumbai, Kolkata, Chennai, Bangalore and Hyderabad. The company today launched its range of water- proof, shock-proof digital cameras priced between Rs 15,995 to Rs 41,995.
Olympus' products are present in over 2,000 multi-brand outlets which the company plans to increase to 3,500 in the next six months.
The company operates in India through a subsidiary - Olympus India Pvt India - and has tied up with three distributors to market the products.
"We are targeting to increase our market share in India from the present 16 per cent to 22 per cent in the current fiscal and become one of the top three players in the digital camera market here which is expected to cross 10 lakh units this year," Vision Enterprises Director Rajiv Babbar said.
Vision Enterprises distributes Olympus products in North India.
He said Olympus has earmarked Rs 2.5 crore for marketing its products in the current fiscal.
Commenting on the grey market in India, which constitutes nearly 35 per cent of the total camera market in India, Babbar said: "It's important that government reduces high duties on imported digital cameras, which currently stands around 37 per cent.
"Manufacturers are finding it difficult to counter the grey market as the products are available at nearly half the market price."