Canon India is going to raise product prices by 5%

Due to the depreciation of Indian Rupees against Dollars, import of prorducts has become costlier for Canon India. As a result, Canon Inc.(TYO:7751), the famous camera producer, is going to raise the price of its products by 5%. Mr. Shunichi Senda, Director, Canon India, told reporters: 

"We will be raising prices of all our products, including cameras and digital imaging items, by 5 per cent as imports have become costlier because of the appreciation of US dollar against rupee,"

Mr. Senda said that despite the 20% depreciation, his company can absorb the cost of expensive imports. He also assured reporters that his company still had not faced any severe negative impact on the sales caused by the ongoing world wide economic slowdown. The market share of the company is in healthy condition. By the end of 2008, Canon India’s sales revenue is going to stand at Rs. 7 billion. This very much high compared to 5.1 billion of 2007. Mr. Senda also said that his company is hopeful to increase its sales by 40% in 2008 against the 30% of 2007.

Canon India, is a subsidiary of Canon Singapore Pte. It imports products from Japan, Taiwan, China and Malaysia. Currently, it controls 20% of the Indian camera market. The company sells 145 types of products including photocopiers, multi-functional peripherals, fax machines, printers, and scanners. 

Related articles:

The Hindu Business Line