Fujifilm banks on nostalgia to click with the millennial market2 min read . Updated: 07 Oct 2019, 11:09 PM IST
- Fujifilm plans to open 20 concept stores called Wonder Photo Shop in India by end of 2020, says MD Haruto Iwata
- Fujifilm India is a wholly owned subsidiary of Japan’s Fujifilm Holdings Corp., which was founded in 1934
Imaging solutions company Fujifilm India has stepped up focus on products targeted at millennials to increase brand visibility and strengthen revenue streams beyond its core medical imaging technology business, which accounts for over half of its revenue.
Fujifilm India is expecting more revenue from its Instax cameras, which print instant credit-card-sized photos, a top company executive said. Fujifilm is also looking to expand its experience stores across India to get more walk-in customers.
“Our range of Instax cameras brings back the nostalgia feeling among people. This has been doing well as the consumers today are always looking for something new. Also, sharing printed photographs has been gaining a lot of interest among consumers. With disposable income (of millennials) increasing year-on-year, we feel it (the category) will further expand. We see a huge potential in India for Instax cameras," Haruto Iwata, managing director, Fujifilm India Pvt. Ltd, said in an interview.
The Instax segment, with Bollywood actor Alia Bhatt as its brand ambassador since June, has already seen healthy growth in sales. Instax cameras worth ₹25 crore were sold in 2017, rising to ₹42 crore in 2018.
“India is a key market for us, and we expect the demand for our Instax range of cameras to rise further. The sales projected for our instant cameras for FY20 is over ₹65 crore," Iwata said.
Fujifilm India is a wholly owned subsidiary of Japan’s Fujifilm Holdings Corp., which was founded in 1934. The company entered India in December 2007, offering digital cameras, photo imaging, medical products, graphic arts, life science systems, motion picture films, recording media and industrial products. In 2017, Fujifilm opened its first concept store called Wonder Photo Shop, targeted at photography enthusiasts and young families to explore its latest gear, while also serving as a hub for photography education.
The first store was opened in Chennai in August 2017. This was followed by a store each in Mumbai and Hyderabad, and two stores in Bengaluru, taking the total number to five stores in the last two years. Fujifilm has 100 such stores globally and now wants to expedite expansion in India.
“We aim to expand these concept stores to other cities as well. We plan to open 20 Wonder Photo Shops in India, including both branded and co-branded stores, by the end of 2020," Iwata said. The company did not share the investment details set aside for this expansion.
The store allows customers to discover photography and learn how to bring photos from smartphones and cameras to life by printing, personalizing, decorating and framing their image based on their personal preferences, along with unique do-it-yourself photo creations.