Nikon expects 35% sales in FY24 during upcoming festive, wedding seasons

Consumer sentiments in the festive season are in the "right direction" and Nikon India will record 35-37 per cent of its FY24 sales during this period and the wedding season that follows, Managing Director Sajjan Kumar said on Wednesday.

The festivals are followed by the wedding season, which would further catalyse camera sales, he said.

"This wedding and festive season will contribute 35-37 per cent of our business (in FY24)," Kumar told PTI on the sidelines of a Nikon event here.

Like appliances and consumer electronic products, camera sales also get high traction during the festive season, which starts from Onam in south India and continues through Ganesh Chaturthi, Durga Puja, and Diwali.

"The kind of response we are getting and customer participation we have observed is certainly in the right direction. It is very very promising.

"We as a brand are ready to offer many options like easy EMI, cashback, memory storage cards, additional battery or even a camera charger for the customers," he said.

Nikon is expecting around 11 per cent volume-driven growth in the current fiscal, pushing up its top line to Rs 1,000 crore in India, which is currently its fifth largest market for imagining products after the US, China, Japan, and Germany.

Nikon India had posted a revenue of Rs 900 crore in 2022-23, registering a year-on-year growth of 17 per cent, Kumar said.

When asked about size the Indian camera market, Kumar said, "It is about 3-3.20 lakh... we want to have a market share of about 32 per cent."

Further, he said Nikon India is expanding retail presence in the country to be closer to customers. Nikon products are available at close to 1,500 points of sale.

According to Kumar, there are multiple ways to get in touch with customers.

"One is the retail footprint... Customers can easily touch and try the product at Nikon experience zones and the normal shops and then they can make a buying decision on the basis of what they are looking at," he said.

Besides, Nikon is also organising workshops under the Nikon School, where it has covered over 180 locations.

Meanwhile, Nikon India, a 100 per cent subsidiary of Japan-based Nikon Corporation, on Wednesday introduced the Nikon Z f, expanding its mirrorless camera line-up in India.

On the growth of mirrorless cameras in the Indian market, Kumar said everything is driven by customers and their preference and their choices.

"I believe products are now getting used mainly for video. The way it is shot, getting consumed -- mirrorless comes in handy. That's why there is more growth for this segment," he said.

Even professionals are opting for mirrorless cameras because when they are shooting, they are not limiting themselves to still-only, but towards video as well.

"Now, major contribution of Nikon India is from the sale of mirrorless cameras, more than 72 per cent both in value and volume terms," Kumar added.

When asked about the decline in sales of DSLR (digital single-lens reflex) cameras (which come under the D series under Nikon), Kumar said, "It depends on the customer's choice. As of now, we see that customer demand is coming more from the mirrorless system... we want to keep both options whether it is a D or Z (mirrorless).