Mumbai, Sep 7: Japanese digital imaging major Nikon today said it is planning to raise India's contribution to its global revenues to six percent from one percent now over the next three years and hinted that it may set up a manufacturing facility in the country if the market grows faster.
Last year, Nikon India had a turnover of Rs 450 crore and this year, it hopes to double the same to Rs 900 crore.
“For Nikon, India is one of the most prospective markets. Of our worldwide sales, India contributes only one per cent, which was around Rs 450 crore last year. Within the next three years, we want to take this to 5-6 percent,” Nikon India Managing Director Hiroshi Takashina told PTI here.
When asked whether the company would explore possibility of a manufacturing base here, Takashina said, “We have no immediate plans to set up a manufacturing unit here. But we may consider one, if the market grows further.”
The company hopes its brand ambassador Priyanka Chopra will help it increase the market share and is spending Rs 120 crore on promotion this fiscal.
“We had 20 per cent market share among the compact camera segment last year. This year we are targeting 25 per cent with a lot of marketing activities,” he said, adding that in the digital single lens reflex (D-SLR) segment, Nikon will maintain its market share at 55 per cent. This market is estimated to be 1.6 lakh units.
Last year, the domestic compact camera segment was estimated to be 2.1 million units and this year it is expected to touch 3.2 million units.
Meanwhile, Takashina ruled out the possibility of setting up its own exclusive retail stores as its rivals Canon and Sony, among others, do, saying it will continue to sell its products through the in-store formats called Nikon zones at the traditional retail stores.
“This year, we plan to increase the number of Nikon zones to 110 from the 81 at present. But we do not have any plans to enter the retail market by ourselves. We do not have plans to have exclusive stores,” he said.
The firm is also planning to expand its distribution network from 2,000 to 2,400 this year, primarily in tier-II, tier-III towns. PTI
