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Japanese imaging major, Olympus will phase out its low-end compact cameras and focus on high-end premium products to expand its base in India.
The company, which sells low-end compact cameras at a price range of Rs 4,500 to Rs 32,000 in India, said in the wake of competition from smart phones its focus will shift to premium category products, which are currently available for Rs 25,000 to Rs 1.06 lakh.
"Going forward, we will not launch any new low-end compact camera models. Market for compact cameras is shrinking fast due to smart phones," Olympus Imaging India Pvt Ltd Managing Director Kenichiro Mori told PTI.
Elaborating on the company's plans, Mori said: "Premium category is a good opportunity for us. Despite smart phones, serious photography enthusiasts still buy good cameras. We will focus on this category only. We will introduce more models in the premium category."
At present, compact cameras account for 80% of Olympus' total turnover in India. Mori, however, refused to share financial details citing company policy.
Olympus, which entered into the Indian market in April 2012, said it will stop selling compact cameras when the stocks dry up.
Mori expects the Indian market to become a significant contributer in the parent company's total turnover.
"At present, share of Indian market is less than one% but, Indian economy is growing. We expect contribution from Indian market to become significant in future."
Japan, US, Europe and China are the four biggest markets for the company at present. In India, it imports all its cameras from the parent company's plant in China and Vietnam.
"We import everything. At the moment, we do not have any plans to begin production in India," Mori added.
When asked if the company planned to hike product prices due to rupee depreciation, he said: "We are monitoring the situation but if the rupee slide continues we may have to take a call on price revision."
