JVC Gulf FZE, a wholly-owned subsidiary and the regional headquarters of the Japanese consumer electronics major, Victor Company of Japan Ltd., announced that its regional revenues in 2004-2005 have grown by a significant 20 per cent to reach $250 million (Dh917 million).
"The growth comes despite increased competition and pressure on price lines," said Yoshikazu Yamamoto, president, JVC Gulf FZE. "This is all the more significant given the fact that the consumer electronics industry, both in the region and globally, is experiencing a slowdown."
Addressing the press in Dubai recently, Yamamoto attributed this success to overall performance especially highlighting the increased contributions from flat panel displays, DVD and digital video Camera product categories.
"Another important factor that has contributed to this growth has been the rapid expansion in our dealer and distributor network especially in the key markets of the UAE, Saudi Arabia and Iran," Yamamoto said.
In 2004-2005, JVC Gulf's distributor base grew from 51 per cent to current 60 across the region.
"We are confident of increasing our growth by as much as 25 per cent in the next year. The Middle East has one of the highest per capita incomes in the world, which is further expected to increase due to the exponential growth that economies in the region are experiencing. We believe that a steep increase in disposable incomes will result in a larger in-flow into the regional consumer electronics market," he said.
JVC recently announced its plan for a major thrust on its marketing effort in the region with an aim of capitalising on the huge potential for growth and enhancing mindshare in the consumer electronics space in the region over the next year.
"With our new marketing focus for the entire region, and coupled with the launch of our 2005 flagship product range, we expect to boost our regional market share substantially," Yamamoto said.
