April 17, 2018
The OEM’s Indian division has announced that it is aiming for annual sales reaching R35 billion ($553.1 million/€430.8 million) by its 2020 FY statement of results, and is expecting a continued double-digit growth in the B2B and B2B segments over the years to come.
The Economic Times reports that Canon’s strategy to reach customers in the country’s smaller towns means its network is strengthening, with approximately 30 new retail points added, taking its total to 280 by the end of 2018.
Kazutada Kobayashi, the President and CEO of Canon India, said: “We aim to continue our double-digit growth. We would be around R35 billion ($553.1 million/€430.8 million) by FY 2020. 2017 was a great year for us after introduction of GST, and first time we grew in double-digit, and from there we have a momentum now.”
Canon, which regards the fiscal year as January to December, saw sales of R26 billion ($396 million/€320 million) in FY 2017, with an equal contribution from both the B2B and B2C segments. At the moment, the B2B segment including Canon’s printer business, whilst B2C has the imaging business, and for Kobayashi the hope is that the balance between the two continues into the future.
“We want to grow on all sides and maintain the balance between B2B and B2C,” he said. Looking to the future, Kobayashi also mentioned new areas of business, to complement continued focus in the existing ones, and also spoke of the OEM’s strategy of looking at the smaller communities.
“We are steadily growing our business,” he explained, “and launching more new products in the camera and printer segments. Going to local and small towns is necessary.”
“Maybe the size would be smaller than the metro cities, but I would like to go to smaller tier III cities,” he added, referring to those Indian cities with a population between 20,00 and 50,000.
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