Canon India today slashed prices of select camera models by up to Rs. 11,000 and announced plans to invest Rs. 142 crore in marketing and brand promotion this year.
"To attract customers this festive season, Canon has dropped prices of 13 digital cameras and three DSLRs as part of our overall business plan. The drop ranges from Rs. 500 to Rs. 11,000," Canon India Senior Vice-President Alok Bharadwaj said.
"The company also targets a 32 percent increase in its turnover to Rs. 2,100 crore this year through aggressive marketing, new products, attractive pricing, and retail expansion," Bharadwaj said.
He added that the company plans to invest Rs. 142 crore in marketing and brand promotion this year.
Besides introducing two digital camera models, the company is looking to increase its current retail presence to 100 exclusive brand stores in 50 towns, from the present 75 in 45 towns.
"We introduced 25 products in 2012 and now offer 36 models to take the consumer experience with Canon to the next level. Canon is all set to achieve Rs. 2,100 crore revenue in 2012 with 32 percent growth over 2011, a step in line with USD one billion revenues by 2015," he said.
Last year, Canon India earned a revenue of Rs. 1,525 crore.
The company is bullish on expanding in eastern India and has announced marketing investments of Rs. 40 crore for the festive season. It said it would take the stores tally for east India to 12 from the present eight.