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Alok Bharadwaj in Calcutta on Wednesday. A Telegraph picture
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Calcutta, Sept. 19: Canon India is targeting a 32 per cent increase in revenues this calendar year at Rs 2,100 crore in a bid to become a billion dollar company by 2015. The digital imaging firm expects to breach the Rs 1,000-crore mark in the camera segment alone.
Last year, Canon earned a revenue of Rs 1,525 crore.
“This is a tough year for the photography industry, which has witnessed flat growth. At present, the total camera market stands at Rs 3,500 crore. The digital camera market has grown only 6 per cent so far this year compared with a 30 per cent growth last year. However, Canon has grown 60 per cent till now this year. The digital camera market is expected to grow to 34 lakh units this year. The digital SLR segment could overtake the compact cameras in a years time,” said Alok Bharadwaj, senior vice-president, Canon India.
The fall in growth is largely attributed to overall dull consumer sentiments. The company has witnessed a negative impact on the entry-level segment.
“We are thinking on how to handle the mass segment. The low-end entry level is not growing. It has been impacted. But it is growing in small towns,” he said. Canon, however, has no plans to phase out these models. It has six models in this segment.
To attract customers in the festive season, Canon has slashed prices in 13 digital cameras and 3 digital SLR. The drop ranges from Rs 500 to Rs 11,000, Bharadwaj said. He added the company planned to invest Rs 142 crore in marketing and brand promotion this year.
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