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| Canon eyes Rs 600 cr from retail biz in 3 yrs |
| Press Trust of India / New Delhi Oct 29, 2010, 19:51 IST |
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Digital imaging firm Canon India today said it aims to earn a revenue of Rs 600 crore in the next three years from its new retail venture.
The company, which today announced its foray into the retail space, said it plans to open around 300 exclusive stores within three years at an investment of Rs 150 crore.
"From the stores exclusively, the company is expecting revenues of Rs 100 crore in the first year, and a revenue of Rs 600 crore in the third year," Canon India Senior Vice-President Alok Bharadwaj said.
The company, which today opened its first exclusive store 'Canon Image Square' in the national capital region, said it plans to establish 100 stores across six metros and 200 stores in Tier-I and Tier-II cities in the next three years.
"The company plans to invest about Rs 50 lakh per store and Rs 150 crore in the next three years," he said.
Bharadwaj said Canon would be launching three stores in the capital, followed by another in Nasik and Bangalore this year.
Commenting about the stores, Canon India President and CEO Kensaku Konishi said: "The store will offer solutions for customers seeking high-end photography and printing solutions, where both click and print products from Canon will be available."
The outlet will sell all its products which include cameras, camcorders, photo printers, D-SLR’s and lenses, inkjet printers, entry level laser printers and accessories.
As part of the new retail venture, the company has introduced a division called the 'Brand Retail Business'.
"The division would create a network of franchisees and maintain harmonious, consistent and contemporary look and feel in all stores," Bharadwaj said.
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