Fujifilm India eyes double-digit growth in FY23; expands Instax series camera models

Fujifilm India, as part of the expansion of its camera business, is introducing new models in its popular Instax series

AgenciesUpdated: Wednesday, June 08, 2022, 07:45 PM IST
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Fujifilm India is also expanding the retail presence of the Instax series in both online and offline channels. / Representative image | Photo credit: IANS

Imaging product and optical device maker Fujifilm expects a double-digit growth in its India business this fiscal led by a strong performance by its healthcare and consumer business, said a company official.

Fujifilm India, as part of the expansion of its camera business, is introducing new models in its popular Instax series and expects this instant camera segment to be the second-highest contributor to its revenue in the next two years after the healthcare division.

The company is also expanding the retail presence of the Instax series in both online and offline channels and expects it to be available to nearly 2,000 points of sales by the end of this year from the existing 500.

Overall, the company has registered a good growth even in the pandemic-hit FY21 and FY22 and reported over 40 per cent growth in its business here compared to the numbers of pre-Covid period, said Fujifilm India managing director Koji Wada.

When asked about the growth in the current fiscal, Wada told PTI: ''This year we are expecting to have a high double-digit growth, over 10 per cent.'' The growth would come from healthcare and consumer business, which has ''high potential'' in the market, he added.

The company has not shared any revenue figures but said it was at ''record-high'' in the financial year ended on March 31, 2022.

At present, healthcare business contributes almost half of Fujifilm's India business, which includes X-ray imaging devices, ultrasound systems, endoscopy system, MRI and CT systems and healthcare IT.

Besides, Fujifilm India is increasing its investment to expand its distribution network for the Instax series, gradually in phases, said Arun Babu, GM EID, Optical Devices & Instax Division.

''Before Diwali, we would be at 1,200 outlets in the first phase, and in the second phase before the end of this year, Instax should be available at 2,000 outlets. Simultaneously, we are also expanding our footprints in the online channels,'' said Babu, adding the new outlets would come with an experience zone and samll LCD screens with products demo.

The company has roped in fitness guru and style icon Milind Soman as its brand ambassador for the Instax series and would have many more launches in the segment.

''In the next six months, we will have many more launches to come. During Diwali, we would have multiple launches. We want to make this category the second biggest category of Fujifilm India after healthcare in the next two years,'' said Babu.

At present, healthcare contributes nearly half of Fujifilm India's business followed by another segment, including graphic arts & printing, photo printing, recording media and industrial products, among others.

As part of the expansion of its portfolio of instant cameras, Fujifilm on Wednesday launched the hybrid instant camera 'Instax Mini Evo' in India. Priced at Rs 22,999, the camera is equipped with a print lever, lens dial and film dial.

The camera comes with the Instax Mini Evo app which allows saving pictures printed by Mini Evo as an image with an Instax frame on the user's smartphone.

(With PTI inputs)

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