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Nikon Imaging established in China
Nikon has announced the opening of a new subsidiary in China called Nikon Imaging, which will initally employ 50 people to develop the imaging business in the country. The new enterprise, which opened June 20, endeavors to increase sales of digital cameras by directly importing and wholesaling imaging products such as digital cameras. The workforce is expected to rise to around 120 after a year and the company has a sales target of ¥10 billion for the first fiscal year and approximately ¥33 billion after three years.
Nikon Imaging (China) Sales Co., Ltd. Established to Enhance Sales and Service in Fast-growing Chinese Market
June 22, 2005 - Nikon Corporation (President: Teruo Shimamura) is pleased to announce the establishment of Nikon Imaging (China) Sales Co., Ltd., a wholly owned sales and service subsidiary. This new company has been launched to fully develop our imaging business in China, including digital cameras, and commenced operations in June 2005.
In response to China's remarkable economic growth and long-term market potential, companies from throughout the world are making aggressive inroads. To date, Nikon has focused its business development in China on the manufacture of products, at bases such as Nikon Imaging (China) Co., Ltd., but conducted Chinese marketing and sales activities through a subsidiary, Nikon Hong Kong Ltd. Nikon has also established authorized repair shops in China to provide after-sales service and technical assistance.
With the goal of strengthening sales and service to expand business in this rapidly growing market, Nikon Corporation decided to establish a new wholly owned import and wholesale company.
The new enterprise will endeavor to increase sales by directly importing and wholesaling imaging products such as digital cameras, and to strengthen brand presence through effective marketing and advertising activities. It will also enhance the level of after-sales and technical services in the market by placing some of the operation under direct management.
Nikon will further enhance its presence in China by providing high-quality products and services that meet users' needs, and will do so through the establishment of a comprehensive system capable of handling marketing, sales and service for the growing Chinese market.
- Name: Nikon Imaging (China) Sales Co., Ltd.
- Address: Room No.01-04, 50th Floor, Raffles City, Xi Zang Middle Road 268, Shanghai 200001, China
- Capital US$10 million (Approx. ¥1.1 billion) [Ratio of Investment: 100% from Nikon Corporation]
- Representative directors President: Shiro Itakura (Concurrently President of Nikon Hong Kong Ltd.)
- Managing Director: Nobuyoshi Gokyu
- Employees Approx. 50 at outset; approx. 120 after one year
- Main businesses Purchase, import, wholesale and after-sales service of products related to imaging business in China
- Start of operations June 20, 2005
- Sales target Approx. ¥10 billion for the first fiscal year; approx. ¥33 billion after three years
In China, following the introduction of a new foreign capital regulation "Measures for the Administration on Foreign Investment in Commercial Sector" since December 2004, it has been possible to establish a wholly owned import and wholesale company with 100% foreign capital investment. Subsequently, Nikon received approval from the Chinese Ministry of Commerce, and established a wholly owned sales company with rights of import and export, as well as rights of purchase and sales in China.