Cannon looking for 50 per cent growth in 2008

Bangalore, Dec 20 (UNI) Registering an impressive 38 per cent overall growth leading Camera maker Cannon India is looking for a much higher growth of 50 per cent in 2008.

With a turnover of Rs.500 crore, Cannon India which had been growing at a compounded annual growth rate of 18 per cent since inception a decade ago, is aiming a much higher growth in future with the country emerging a leading player in the continent, outbeating even China in the sales of digital camera, though that country's total sale was ten times more than that of India's annual digital camera sale of 600,000.

Cannon India Vice President Alok Bharadwaj told UNI here that the Indian Digital camera market growth was the highest in Asia and would continue to be so for the next few years.

The company had 140 products to offer to Indian consumers with 80 of them entering the market for the first time.

Mr Bharadwaj was here in connection with the launch of the new initiative of relesing limited series digital camera model ixus with eight mega pixel and four optical zoom. Other features of the new model. With full face detection option the camera had a 2.5 inch lcd besides an image stabiliser. He said that the Company aimed to sell 1000 cameras in a period of one month and if warranted the number could be increased to 3000.

The Company chose Bangalore for the launch as the city was one of the highest sale points.

He said since the beginning of 2007 the company had launched various initiatives to enhance its presence in India in digital Cameras, printers and copiers market. While in Cameras Cannon led the market with a share of 28 per cent it was a farcry second in the printer market having just 15 per cent share as against 60 per cent of the leading player HP. Its share in the copier market was 25 per cent and was a leader.

He said the company also planned to open level four service centre in Bangalore and Kolkata with an investment of Rs one crore in each Centre. These centres would have the capability to take up the entire retire job of a digital camera besides caliberation of lenses. Similarly it was also planning three retail show rooms in Delhi, Mumbai and Bangalore with an investment of Rs.six crore. The Delhi show room would open by March next year.

UNI