Canon strengthens India focus, earmarks highest global spend
Buoyed by a significant growth in India, Japanese digital imaging company Canon would spend a sum of Rs 100 crore this year on marketing here, its maximum for any country.
By PTI |
NEW DELHI: Buoyed by a significant growth in India, Japanese digital imaging company Canon would spend a sum of Rs 100 crore this year on marketing here, its maximum for any country.
"India is the fastest growing market for Canon, which grew at 35 per cent last year, even surpassing China's which grew at 30 per cent. In 2008, we expect Indian operations to grow at 40 per cent and it will continue to be the fastest growing market," Canon India Senior Vice-President Alok Bharadwaj told PTI.
He said Canon Inc has earmarked the maximum budget for the Indian market compared to allocations in other countries.
"The maximum budget has been allocated for growth in India. This year, we will spend Rs 100 crore in marketing, which is disproportionate to our revenues," Bharadwaj added.
India contributes only Rs 510 crore to Canon's global revenue of Rs 1,60,000 crore, amounting to a meagre 0.3 per cent.
Canon India is targeting Rs 700 crore revenue in 2008, up from Rs 510 crore previous year, driven by retail business, launch of new products and enhanced brand appeal.
Bharadwaj said product categories such as mid-end camera, colour segment copiers, laser printers and camcorders were witnessing more growth in India compared to other countries.
"In fact, the camcorders business has shrunk globally but in India, it grew by 36 per cent. Similarly, mid-end camera segment grew at 72, while laser printer segment increased by 100 per cent last year," he said.
"India is the fastest growing market for Canon, which grew at 35 per cent last year, even surpassing China's which grew at 30 per cent. In 2008, we expect Indian operations to grow at 40 per cent and it will continue to be the fastest growing market," Canon India Senior Vice-President Alok Bharadwaj told PTI.
He said Canon Inc has earmarked the maximum budget for the Indian market compared to allocations in other countries.
"The maximum budget has been allocated for growth in India. This year, we will spend Rs 100 crore in marketing, which is disproportionate to our revenues," Bharadwaj added.
India contributes only Rs 510 crore to Canon's global revenue of Rs 1,60,000 crore, amounting to a meagre 0.3 per cent.
Canon India is targeting Rs 700 crore revenue in 2008, up from Rs 510 crore previous year, driven by retail business, launch of new products and enhanced brand appeal.
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Bharadwaj said product categories such as mid-end camera, colour segment copiers, laser printers and camcorders were witnessing more growth in India compared to other countries.
"In fact, the camcorders business has shrunk globally but in India, it grew by 36 per cent. Similarly, mid-end camera segment grew at 72, while laser printer segment increased by 100 per cent last year," he said.
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