Japanese electronics firm Casio is eyeing revenues of around Rs 230 crore in the current fiscal, driven by robust growth in watch business.
“This fiscal, our turnover should be Rs 220-230 crore and in FY2012-13 it should grow by 20 per cent,” Casio India Head (Sales and Marketing), Mr Kulbhushan Seth, told PTI here.
The company had Rs 200 crore revenue last fiscal.
At present, the watch category contributes around 30 per cent to its total business. Casio expects around 50 per cent of its sales to come from this segment in the next three-four years.
The company also sells other electronic items such as calculators, projectors, digital cameras, musical instruments and digital clocks.
“We would like to consolidate these segments and improve our market share, especially in projectors and watches,” he said.
Casio launched its projectors this fiscal and aims to capture around 10 per cent of the estimated Rs 700-800 crore market in the next two-three years.
For the watch segment, he said: “Right now the market share of watches is 2-3 per cent and the idea is to increase it to 5-7 per cent in the next two-three years.’’
The domestic watch market is valued at Rs 3,500 crore and is growing at 10 per cent. The company is present in the affordable watch segment and is in no hurry to make a foray into the luxury segment.
“We have no plans for luxury now. We are not per se a watch company but an electronics company. We have watches in the high price segment but that is because of technology and not fashion,” Mr Seth said.
Casio also plans to expand its presence in the country by adding new points of sale.
“Our major focus is on shop-in-shops. We are looking at departmental stores or multi-brand outlets. We are exploring the opportunity for our exclusive shops also. We have about seven exclusive stores and 30 shop-in-shops,” Mr Seth said.
The firm plans to have 10 exclusive stores showcasing the watches and 50 shop-in-shops by next fiscal, he added.
The recent rupee depreciation affected the company’s margins and it had to increase prices. “The rupee fall has put a lot of pressure on our margins. All the companies, which are importing watches, upped prices and we spiked only marginally by 3-4 per cent,” he said.
Casio has a global tie-up with Formula-1 racing team Red Bull, and has roped in Bollywood actor and video jockey Rannvijay Singh to endorse its watch collection in India.