British photographic industry news – july august 2016

Photographic British Industry news P1 P1 PROFILE We visit Leicesterbased print specialist Tetenal & discover how its support could boost your business PRODUCT P2 Your inside track on the UK photo trade for more than 30 years Olympus UK team takes to the stage to promote new pro audio gear for photographers & videographers JULY/AUGUST 2016 • £3 www.bpinews.co.uk ADVICE World in motion: Brexit, the global market & what it means for photo retailers & manufacturers THE BIG PICTURE Fresh ideas for the photo industry to boost trade and win custom! PLUS! SUMMERTIME …and the selling is easy! Clever suggestions for seasonal sales Main cover image photographed with the new Nikon D500 DSLR – shipping now INSIDE THIS ISSUE: NEDIS UK, HASSELBLAD, PHOTOKINA 2016 + PHOTOXPORT/NORITSU UNMISSABLE MOMENTS WITH 4K PHOTO DMC-GH4R NEW DMC-GX80 DMC-GX8 DMC-G7 April 2014 April 2014 May 2014 April 2016 April 2016 May 2016 July 2015 August 2015 September 2015 June 2015 June 2015 August 2015 April 2014 April 2014 May 2014 April 2016 April 2016 May 2016 July 2015 August 2015 September 2015 June 2015 June 2015 August 2015 DMC-GH4R NEW DMC-GX80 Up to £50 Cashback on selected cameras & camcorders DMC-GX8 Promotional period: 16th June 2016 - 5th September 2016 (Claim Deadline: 31/10/2016) Claims accepted 28 days after purchase Promotional terms apply, please see panasonic.co.uk/promotions Limited to qualifying products within the maximum value stated in the terms and conditions Keep up to date with Panasonic: www.facebook.com/LumixUK www.twitter.com/LumixUK www.panasonic.co.uk www.Instagram: @lumix_uk • # 4Kphoto DMC-G7 EDITORIAL | July / August 2016 Photographic British Industry news published monthly by W EDITOR Gavin Stoker Tel: 020 8274 0578 Tel: 07990 974 367 ART EDITOR Michael O’Connell EDITORIAL ENQUIRIES Please direct all editorial requests, news and press releases to info@bpinews.co.uk ADVERTISING ENQUIRIES Please direct all advertising enquiries and sponsorship opportunities to gavin@bpinews.co.uk Follow us on Twitter @bpi_news Publisher’s Office: 31 New Road, Richmond, Surrey TW10 7HZ Legacy Media Ltd accept no ultimate responsibility for accurate reproduction of digital artwork created by third parties Insurance and carriage of products submitted for inclusion in reports rests with the owner News, data, prices, interviews and opinion are printed in good faith E&OE Content including advertising artwork created by Legacy Media Ltd or its agents is ©2016 Legacy Media Ltd ISSN: to be advised ED! LY EARADVIS G KIN date for ber O O B y Cop Septem special ews ted iew’ BPI N ina Prev sue pos h Is tok st ‘Pho ust 18t f Augu o g is Au out end BPI News: guiding & supporting the trade e live in interesting times As we the world continues to turn, the photo went to press, in the wake of the trade continues to trade – and innovative ‘Brexit’ vote, the chatter in offices, and exciting new products to give stock rooms, boardrooms and on shop floors manufacturers, distributors, retailers and was inevitably the possible impact of the suppliers a fighting chance continue to be closely-won campaign As widely predicted unveiled As ever, BPI News is your guide to by the experts we were urged to ignore, the the very latest profit-generating solutions, value of Sterling was immediately affected, whether you’re a retailer of cameras and rendering imported goods immediately accessories, a minilab looking for the latest Gavin Stoker, more expensive, yet our exports suddenly in photofinishing innovations – or both Editor more attractive Like many, our first question We’ve advice on how to communicate gavin@bpinews.co.uk the benefits of these to your staff and to was ‘how does this affect us’, and with our @GavinStoker BPI News head on, ‘how does this affect your customers in the various features the photo trade’, given that the import and dotted throughout this edition, as well as export of goods is intrinsically linked to the presenting a snapshot of the industry at large in our health of our industry? Business likes stability – and news pages You’ll notice that this issue is our usual the financial markets at least an impression of such combined July and August ‘summer special’; the – so our advice feature this issue looks at how you reason being that this is normally the peak holiday can safeguard (and strengthen) your own against season, a wealth of new product is on hold until fluctuations in the value of global currencies Photokina in September (see inner back page ad), We also examine the immediate and possible future and we’ll return with our special ‘preview’ edition in fall-out of a Brexit on retail, whilst acknowledging that very regard at the start of that month, which is that this is a fluid and changing scenario and that already filling up One thing we are certain of is that much is conjecture interesting times between then and now are Whatever the mood at home and abroad, virtually guaranteed CONTENTS 04 NEWS As summer cash backs and handson promotional sessions continue throughout August, Hasselblad brings out a medium format camera for the masses 10 BE A SMARTER TRADE INVESTOR WITH THE GUYS FROM LEICESTER BPI News pays a visit to trade supplier Tetenal’s smartly-refurbished Leicester HQ and showrooms to learn why you too should witness a first-hand demo 13 GET BEHIND CANON’S CASHBACK BONANZA As the architect of arguably the most extensive cash back scheme this summer, the photo giant is encouraging the trade to really push its promo to customers 16 OLYMPUS ROCKS! 18 THINKING OUTSIDE THE BOX TO PROFIT FROM NEDIS UK The proactive distributor and supplier has undergone various evolutions of late We catch up with Alastair Wilson to learn what’s doing well for trade customers 21 ‘COTTON’ ON TO THE DPS GROUP & EPSON’S T-SHIRT PRINTER OFFER We examine how installing a F2000 T-shirt printer from the print specialists can add a new profitable revenue stream and extend your customer base 24 MORE RETAILERS ATTRACTED BY THE ‘FIZZ’ OF FUJIFILM’S FDIS Thanks in part to what it suggests is a very supportive marketing program, the retailer is winning new converts to its Fujifilm Digital Imaging Service network The photo stalwart has introduced an accessory for CSCs and DSLRs users – its own OM-D and PEN range included – in the LS Pocket for professional audio - see page 16 28 SNAP DECISIONS THAT MAKE GLOBAL LOCAL We examine the impact fluctuations in the international currency market have on your photo business, plus the immediate effect of the EU referendum vote Subscriptions, back issues & BPI News online Overseas annual subscription £50 (Cheques payable to Legacy Media Ltd) For details email info@bpinews.co.uk View current and back issues online at www.bpinews.co.uk Passport Photo System ID Station is a very easy to use solution for making passport photos Pictures are automatically processed into perfect ID photos For any country Be the first in your area to offer Biometric Passport Photos Contact your Swains Regional Sales Manager or visit www.idstation.co.uk for more information Tel: 01485 536 200 email: sales@swains.co.uk www.bpinews.co.uk web: www.swains.co.uk BPI News | July/August 2016 NEWS NEW PRODUCTS SET TO SHINE ON THE RHINE THE NEXT ISSUE OF BPI NEWS (Sept cover date) is our all-singing, all dancing Photokina preview, which can only mean one thing: another biennial photo show – Europe’s biggest – is on the way very soon The dates for your diary are September 20th to 25th and once again the venue is the cavernous Cologne Messe by the banks of the Rhine All the biggest (and many of the smallest) names in our industry will once again be showcasing their latest and greatest product – arriving in time for those all-important Christmas 2016 sales (is it too early to mention the dreaded ‘C’ word?) July/August 2016 | BPI News As we mentioned last issue, this year’s international event is split into different multi-faceted themed ‘worlds’ of imaging – with the aim being that Photokina 2016 equally inspires pros, traders, hobby photographers and young smartphone users alike via countless show events and promotions Topics up for examination, focus and discussion are Augmented Reality, Virtual Reality, Cloud Services, Video, Audio, ‘Wearables’, the Smart Home and Astro Photography There are 1,100 exhibitors from over 50 countries and five continents taking part this year (68% from outside of Germany itself ) – in short it is a who’s who of the photography trade – with Photokina’s organisers saying that more than two thirds of exhibitors come away more than satisfied with the achievement of their goals Visitors include professional users, the retail trade and end consumers, so exhibitors are hitting lots of different yet invaluable ‘targets’ Around 185,000 people are expected to attend With good train and road connections plus accessible airport, there is really no reason why any member of the UK photo trade shouldn’t be able to pay a visit to swot up on what’s coming next in the various worlds of imaging Keep up to date with the latest news about this year’s show at the below URL, and see our next issue for a comprehensive look at who is showing what: www.photokina.com www.bpinews.co.uk New Photo Hatchback Series Strike the perfect balance of carrying photo gear and everyday essentials with our next generation, split level Photo Hatchback II Lightweight, flexible, sporty daypacks available in two sizes, 250 AW II and 150 AW II Both styles provide secure, body-side access, a removable camera compartment, a CradleFit™ pocket to protect a tablet, plus a built All Weather AW Cover™ to safeguard your gear from the elements T F E W 0845 250 0790 0845 250 0791 info@daymen.co.uk www.lowepro.co.uk ©2016 DayMen Canada Acquisition ULC NEWS HASSELBLAD ‘S MIRROR-LESS ‘GROUND BREAKER’ THE SWEDISH pro camera manufacturer last month unveiled what it is pitching as the world’s first mirrorless digital medium format camera: the X1D Said to weigh less than half what a conventional digital medium format camera does, the 50 megapixel CMOS sensor incorporating behemoth is being touted as a ‘game changer’ Portability is the key here, with the unit fitting in the palm of the hand and weighing just 725g It also features HD video, Wi-Fi connectivity and built-in GPS, suggesting that it could make for an able travel camera It’s more affordable for anyone wanting to take the plunge too, at £5,990 SRP “The X1D marks a pivotal point in Hasselblad’s rich 75-year history This camera makes medium format photography available to a new generation of Hasselblad users, while pushing the existing limits of photography to new heights,” promises Perry Oosting, Hasselblad CEO Weather and dust sealed, the X1D offers compatibility with 12 lenses and lens accessories from the Hasselblad professional H system, with the aid of an adapter There is also a new line of XCD lenses to go with the camera, with the 45mm and 90mm available on launch www.hasselblad.com ADOBE UPDATES ITS CLOUD Fuji smartphone printer upgraded Lumix National Trust POS ©National Trust Images/Matthew Antrobus h national trust miX FZ200 or FZ72 ©National Trust Images/Matthew Antrobus Complimentary 12 month national trust membership with the lumiX FZ200 or FZ72 Description THE PHOTO marque has announced a new Instax branded printer capable of interacting with your customers’ smartphones – and compatible Fuji cameras – to produce a 320dpi credit card sized print The Instax Share Smartphone Printer SP-2, to give it its full model name, follows on from 2014’s SP-1, and is said to boast improved image quality when compared with its predecessor, as well as a ‘sophisticated new exposure system’, A3 Poster according to Fuji Unsurprisingly the free Instax Share app has also been updated to coincide, with new filters and templates The printer is capable of producing 100 prints before recharging is required UK availability is promised for the end of August, at £164.99 SRP, which includes 10 shots on Instax mini film Hang Tag www.fujifilm.co.uk • Complimentary National Trust Membership Campaign POS to take a speCial piCture you need to go to speCial plaCes Now you and your family can discover hundreds of new special places with the National Trust and capture every stunning detail with the award-winning new LUMIX FZ200 or FZ72 Promotional period: 22/08/2013 – 31/12/2013 Promotional terms apply, please see panasonic.co.uk/promotions *Leica is a registered trademark of Leica Microsystems IR GmbH ELMARIT is a registered trademark of Leica Camera AG T48046 Panasonic_A3_Poster.indd 21/08/2013 13:54 ©National Trust Images/Matthew Antrobus Complimentary 12 month national trust membership with the lumiX FZ200 or FZ72 to take a speCial piCture you need to go to speCial plaCes Now you and your family can discover hundreds of new special places with the National Trust and capture every stunning detail with the award-winning new LUMIX FZ200 or FZ72 Wobbler AS THE TRADE will be aware, Adobe’s image editor exemplar Photoshop is now only available as part of its Creative Cloud package – and on subscription at that We’re beyond the days of buying cereal boxes containing CDs and hard copy manuals With this in mind ‘new’ versions tend to arrive in the shape of a nip here and a tuck there, rather than a complete under-the-bonnet overhaul Indeed at the London preview BPI News attended, the ‘new’ version of its desktop and mobile apps for the latter half of 2016 had yet to be given a specified name – shown only on the demo slides as ‘CC 2015.5’ The last time we wrote about Adobe’s Creative Cloud, the parallel introduction of the Adobe Stock service was the big news, and, unsurprisingly, the newest version offers an even deeper integration with Creative Cloud, according to the software giant’s Business Development Manager Neils Stevens A Premium Collection has been introduced (a curated library of over 100,000 images that Adobe says will meeting the standards of advertising agencies and print publications), alongside a number of refinements There have also been performance enhancements, including Photoshop being three times faster at start up and when opening files Other tweaks include a Content-Aware Crop feature which will look for the edges of the frame and expand that out, saving the need for photographers to ‘build’ that extra space themselves, plus ‘Face Aware Liquify’ This lets photographers tweak the edges of a subject’s mouth to force a smile on them For more on the latest update, head to the below URL: www.adobe.com Promotional period: 22/08/2013 – 31/12/2013 Promotional terms apply, please see panasonic.co.uk/promotions *Leica is a registered trademark of Leica Microsystems IR GmbH ELMARIT is a registered trademark of Leica Camera AG 21/08/2013 13:56 T48046 Panasonic_A4_Cling.indd 21/08/2013 13:59 A4 Cling Photographic British Industry Items shown are for reference only and are not to scale news Visit www.bpinews.co.uk Supported by July/August 2016 | BPI News www.bpinews.co.uk A simple offer, explained simply KODAK G4XL Order Station Upgrade • WIDE TOUCHSCREEN • • IMPROVED CUSTOMER EXPERIENCE • • LATEST SOFTWARE WITH FUTURE COMPATIBILITY • • CABLE & WI-FI CONNECTIVITY FOR SMARTPHONES • • PLUG & PLAY CONNECTION TO EXISTING CABINETS • Only £995+ vat & delivery NEWLY RE-CONDITIONED UNITS WITH 12 MONTHS WARRANTY STRICTLY LIMITED STOCKS • FIRST COME - FIRST SERVED © 2015 Kodak Alaris Inc The Kodak and Kodak Moment trademarks and Kodak trade dress are used under license from Eastman Kodak Company Distributed in the UK by Tetenal Ltd | TEL: 0116 289 3644 | www.tetenaluk.com NEWS FUJFILM INSTAX GETS ‘STAX’ OF COLOURS THE PHOTO BRAND has added two new colours to its popular instax Mini 70 range of instant print cameras in ‘Passion Red’ and ‘Midnight Black’ As the trade may be aware, the Mini 70 features what’s described as a ‘modern, stylish design’, along with improved image quality and a new selfie mode The line up already features Canary Yellow, Island Blue and Moon White colour options Fujifilm believes that the recent trend for instant prints has sparked huge demand for instant cameras across the world, and this demand is coming from a younger generation that has not experienced the joy of instant prints before Instant photography has long been associated with the fashion industry, and thanks to its contemporary design, the manufacturer believes the Mini 70 broadens its appeal to the fashion conscious market of both men and women in their 20s and 30s Whether at a wedding, party or any social occasion, precious memories can be preserved and shared instantly For an SRP of £99.99, your customers also get a pack of film allowing for 10 shots to be taken straight out of the box www.fujifilm.co.uk PANASONIC AIMS FOR ‘WIDE’ APPEAL Swains gets ID’d and witnesses the Impossible LOOKING TO ADD a simple ID photo service to your store? Distributor Swains is asking you consider its offering in the ‘ID Station’, which it claims is the only biometric passport system on the market, and which will cover most requirements and budgets Offering free updates and dedicated support, Swains is confident that it will become a profitable part of your business For more info visit www.idstation.co.uk In other Swains news, the distributor is insisting that ‘the Impossible is now possible’, thanks to the fact that it now has stock of a new instant camera Swains’ Stuart Boston says: “We are more than delighted to have received and distributed our first consignment of the new Impossible I-1 cameras Following on from the success of impossible film manufactured for the old Polaroid instant cameras, it was only a matter of time before we saw the first Impossible branded instant camera Stock is extremely tight at present, as the demand for this camera far outweighs availability” Contact the distributor now on 01485 536 200 www.swains.co.uk THE ELECTRONICS GIANT has not only debuted a summer advertising campaign – see our page ad and various TV spots – it is also launching a rugged, dust and splash-proof lens to go with it: the Leica DG Summilux 12mm/ F1.4 ASPH offers the equivalent of 24mm in 35mm terms Panasonic says it has been designed to meet pro needs and is obviously compatible with its Lumix range of interchangeable lens cameras Furthermore the f/1.4 aperture suggests it could be adept at low light work and achieving shallow depth of field effects beloved of photographers AF performance is said to be excellent for those looking to shoot 4K videos too Due to appear this month (July), pricing is a suggested £1,199.99, clearly marking it out as a high-end tool for image conscious users The manufacturer has also shared some of the thinking behind its Lumix 4K ad campaign for this summer – promoting the brand into living rooms, with the end result hopefully being more footfall for its retail partners Centered on a young lad, the advert follows how he confidently and cheekily springs off a diving board, and for a split second adopts a leisure dive Highlighting the 4K-photo feature, his mum is filming the action on her Lumix GX80 and is able to flick through the video footage, select the miraculous shot and save the image The advert reveals how the image has become a masterpiece in the family home, holding pride of place in the centre of the wall “In a fun and jovial manner, the advert highlights how the 4K photo allows users to capture the most unmissable opportunities with exact precision and accuracy, making memories to last a lifetime,” the brand’s Barnaby Sykes tells us The advertising campaign was produced by creative agency Brave, debuted on 16th June and was designed to run for four weeks in the UK The integrated campaign includes Video On Demand (VoD), as well as an array of online advertising, comprehensive point of sale and social media Watch the full advert here: https://www.youtube.com/ watch?v=_E3VBQa-nAU BPI News is your mouthpiece to the industry Send your news to info@bpinews.co.uk July/August 2016 | BPI News www.bpinews.co.uk BPI NEWS PRODUCT FOCUS BE A SMARTER TRADE INVESTOR WITH THE GUYS FROM LEICESTER BPI News visits leading print and photo solutions supplier Tetenal’s ever-expanding UK HQ in the city of Leicester, where it holds a million pounds’ worth of stock, ready to fuel and empower the photo trade… E stablished way back in 1847, most of us in the trade will know the present-day Tetenal by the brands it represents, supports and distributes in the UK; Epson and Kodak – in particular its 120-strong Kodak Express store network – spring immediately to mind But probably what most of us don’t appreciate is that, as an organisation, Tetenal has a global reach of its own, with a large German base, complete with 25,000sq metre plant, and, closer to home, headquarters in Leicester, supplying Britain and Ireland Its geographical position means that it is ideally suited to service most of the country – enabling it to offer a fast turnaround on goods and a next day delivery service Up to a million pounds’ worth of stock is kept at its warehouse to fulfill demand Epson’s SureLab D3000 is a key product for Tetenal and its customers “We’ve got 34 staff here and they’re all really hard working,” enthuses Tetenal UK MD Mike Fawcett “So, as well as focusing on our products, we focus on our staff and that means training them and retaining them.” The other big news is that, thanks to continual growth over the past five years, the company is investing in its workplace too: it has recently refreshed, re-furbished and enhanced its Leicester premises It now sports a large, open-plan upstairs office and three swish downstairs demo rooms – two wholly dedicated to Tetenal’s key Epson and Kodak brands – plus swish boardroom proudly displaying Leicester’s cityscape in the manner of New York’s Manhattan “We’re proud of our heritage – Craig (Bird, Marketing Manager) and I are both Leicester lads,” notes Mike The doors of the different rooms display 7-inch vinyl records depicting the most significant of the Beatles’ albums, suggesting a fun, welcoming and moreover creative environment Naturally, Tetenal is inviting its retail and minilab partners to drop in for a first hand tour and demonstrations, now that it has got a lot more space to play in Customer service at the core “We’re adapting to the modern world and changing how we market ourselves, with customer service at the core,” outlines Mike “Although we still have sales people out on the road, along with dedicated Product Managers, we have had to adapt to how people want to business, which means our website is now an essential part of our business armoury Many of our customers don’t have the additional in-store staff they used to have, so they can be time starved No longer can businesses dictate when their customers place their orders, we have to be available for orders 24 hours a day, and so the continual development of our website is crucial in offering a modern customer experience.” “Another part of that improved customer service is that we’re expanding our technical team to eight We have a very technically knowledgeable team here, which allows us to take on warranty and support work on a large proportion of the hardware we supply and offer Space to create: Tetenal’s recently refurbished Leicester office and showrooms display a wide range of products, from wide format printers to Gisella Graham picture frames The trade are invited to pay a visit and sample the goods first hand Book your appointment today! For more info on Tetenal and its range of products – and to book a demo or a site visit 10 July/August 2016 | BPI News www.bpinews.co.uk BPI NEWS PRODUCT FOCUS THINKING OUTSIDE THE BOX TO PROFIT FROM NEDIS UK The proactive distributor – now part of the biggest electronics distributor in Europe – has a wealth of high margin tech product that canny retailers can add to stock to sell alongside cameras and lenses As well as examining Nedis’ latest ‘hero’ devices, we speak to a retailer going great guns with its items… A s it’s been a little while since we featured distributor Nedis UK in BPI News, we felt high time to revisit its collection of brands including Konig and Camlink, and its many thousands of product lines and minilab is thinking outside of the box “Rob does extremely well with our company,” notes Nedis UK’s Key Accounts Manager Alastair Wilson, “both via the store and his online business He’s someone who “We’re actually selling a terrific amount of audio gear And that fits really well with Nedis’ expertise in audio and computing devices We also deal in the Nedis dash cams and the action cameras.” – Photo Factory’s Rob Thomson These include multiple items for the photo retailer to stock that will complement, enhance, their existing stock But don’t just take Nedis’ word for it Listen to the case of the Photo Factory in Shirley, Birmingham Run by Rob Thomson, this camera shop thrives by exploring new avenues, in order to deal with the changes in the photo market, which is what we’ve always preached He does well with our photo-related product too, including action and wildlife cameras.” For his own part, Photo Factory’s Konig Studio Lighting Kits from Nedis are said to better what else is available at the price, whilst still affording dealers a very healthy margin Photo Factory’s Rob Thomson is just one of many retailers diversifying with Nedis’ profitable product lines to boost his business Rob says: “In the present climate I believe a camera shop can’t survive on its own and neither can a minilab So, for us it works to put the two together “We’re actually selling a terrific amount of audio gear And that fits really well with Nedis’ expertise in audio and computing devices We well with their DAB radio, which is a growth area, because people are aware that analogue radio will finish in a year or two’s time Other solid sellers are their sound bars for televisions and we very well with their headphones, whether they’re Bluetooth or conventional wired ones, as more people stream music from telephones and tablets They’re not strictly aligned to photo retailing, but seemed to us the next logical step “We also deal in the Nedis dash cams and the action cameras The big growth we’re seeing is in dash cams for cars We’ve sold them to people either for themselves or their siblings This will safeguard them against having a nasty experience, or an insurance claim that has not gone their way Plus, in terms of margins, Nedis are an exciting profit line We can even compete on eBay with Hong Kong and China.” Photo Factory has likewise done well with the supplier’s ‘Maxi Studio’ tabletop studio lighting kits, which Rob suggests are very popular with customers wanting to photograph items for online auction sales “It’s Konig Wildlife Cameras and Action Cameras are just a couple of ways for photo retailers to expand their customer base with innovative kit If this article has piqued your interest, get in touch NOW with Alastair Wilson and the team 18 July/August 2016 | BPI News www.bpinews.co.uk NEDIS UK SUMMER PROMO like a little square tent – you put a couple of lights either side – your camera on a tripod and you get a very nice shadow free picture They’re enormously popular If you’re selling anything online, photographs are invaluable to your sales.” Strong Nedis products you should be stocking Further Nedis suggestions to add to your stock include action cameras with built-in GPS functionality It has also introduced a range of ‘Cree’ branded aluminium torches to its product line up, which are described by Alastair as “exceptionally well made This is something that, again, The Konig Smart Home Security set should benefit retailers looking to get in on a growth market is a little outside the box but which retailers could comfortably stock alongside photo gear.” Photo Factory’s Rob agrees: “The torches are beautifully made and are quality And who doesn’t need a torch for the campsite or in the car?” Alastair Wilson further spot-lights a range of products for which Nedis has virtually no competition, given the prices at which it offers them; and that is Konig studio lighting kits – a consideration for your customers perhaps as autumn approaches Cost to the dealer is £110 and they can be sold for a suggested £200, in contrast to a lot of competing lighting systems that start at £500 upwards “There is nothing that is in the adds that a future candidate for doing big business is ‘smart home security’ Here, Nedis has just won a ‘Best in Show’ award for its own solution, pitched as a replacement for traditional CCTV or home system market at the prices we offer,” Alastair re-affirms Another successful seller for photo stores are battery powered LED panel lights from the Camlink branded range, which offer adjustable output and colour temperature and so are ideally suited to both video-makers and photographers With a day’s use provided by a full charge, they are completely transportable – so are ideal for taking out into the field where there is no generator In fact, when you examine it, Nedis has a broad selection of stock to offer the photo specialist – not just accessories to sell in parallel with photo gear – but also camera bags, tripods, film scanners and photo accessories Citing GfK figures, Alastair router “You can have a Wi-Fi enabled camera that streams everything to your mobile phone,” marvels Alastair, “with the whole thing running off the one app on your mobile phone And the beauty is that it is “Rob does extremely well with our company He’s someone who thrives by exploring new avenues, in order to deal with the changes in the photo market, which is what we’ve always preached.” – Alastair Wilson, Nedis installed by a home alarm specialist Nedis’ product – Konig Home Smart Security – takes advantage of the fact that 70% of UK homes now have Wi-Fi installed and pretty much everybody has access to computer tablets or smartphones It consists of a router that plugs into your existing one, plus all of the items that you normally have installed by wire – such as IR detector, window sensors and alarm box – all linked to the completely transportable – so if you move property you simply take it with you It doesn’t require a team of engineers to drill holes all over your house to put it in, and it’s an easy sell as you don’t need to be a technician to wire it up or set it up: it is literally plug and play.” Your invite to tour Nedis’ showroom Finally, in January 2016 Nedis built a very attractive showroom at its new Leicester HQ, having moved from the old Fameart building last July – and is proudly inviting dealers to come and visit So don’t delay – get in touch with Alastair and the team to arrange a visit now on 0116 253 0325 We’ll let Photo Factory’s Rob have the last word: “Nedis are very easy to deal with and supportive – Alastair especially.” Nedis UK’s Camlink LED lighting range offers strong solutions when it comes to illuminating stills or video www.nedis.com at Nedis UK HQ on 0116 253 0325 or speak to your area rep www.nedis.com www.bpinews.co.uk BPI News | July/August 2016 19 PH IS N BO O L E X O TO AST T I KI K B SS N IN E U G A FO E AD : E R VI AR E SE LY D! Photographic British Industry news ADVERTISE HERE TO REACH YOUR TRADE CUSTOMERS Published monthly and targeted directly at the decision makers in the UK photo trade, both in print and online, isn’t it time that you made BPI News work for you? Get your products and services seen and in front of the trade and your peers – from manufacturers to wholesalers, distributors to retailers… Push your product launches and consumer promotions – drive sales and target those who may be beyond the initial reach of your own sales force, informing the trade of the products and profits you can deliver for them Call us NOW about sponsorship packages, advertorial, advertising and partnership opportunities on 0208 274 0578 or email gavin@bpinews.co.uk BPI NEWS: Your monthly insight into your industry www.bpinews.co.uk DPS GROUP PROMOTION ‘COTTON’ ON TO THE DPS GROUP & EPSON’S T-SHIRT PRINTER OFFER! Seeking a high margin, profitable additional revenue stream? Working direct with print specialist Epson, the Kent-based DPS Group is offering retailers who dare to think outside the box supply of its F2000 T-shirt printer – something of a rarity in the UK, and so a major opportunity… A long-term supplier of large format printers, ink and media to photographers of all disciplines, Digital Photo Solutions – just one element of the DPS Group – has been reaching out to the retail trade over the past few months With the promise of excellent value for money and fast delivery times – both key to successful trading – the men you need to speak to are, as ever, DPS Group MD Maneesh Patel and Sales Director Gary Crawley Like any business worth its salt, Digital Photo Solutions has steadily evolved as a reseller and supplier over the past ten years Now three distinct strands are grouped under the DPS Group brand These are: Digital Photo Solutions (www.digitalphotosolutions.co.uk), its online store DPS Business, found at www.dpsb.co.uk - plus DTG Solutions, which offers specialist T-shirt printing packages (www.dtgsolutions.co.uk) Each strand will be of interest to those retailers looking to add another string to their bow and stand apart from the high street competition Moreover, the DPS Group continues to expand: “More divisions are to be added as technology develops and the needs of customers evolve,” promises Maneesh Time to get ‘shirty’ with the DPS Group Of the T-shirt printer, the DPS Group’s MD enthuses: “This is a high-end device for printing on cotton; forward looking retailers have invested in them to add another revenue stream to their business Investing in a T-shirt printer would also enable bespoke fashion labels to be created We’re virtually the only place offering the F2000 in the UK, have worked on it directly with Epson and would like to invite the trade to witness a demonstration in our showroom.” This is a product that sits within the ‘Direct to Garment’ (DTG) Solutions element of the DPS Group, more details of which can also be found via www.dtgsolutions.co.uk In a nutshell, DTG Solutions is the place to go for advice and information, regarding direct to garment printing “Utilising our years of knowledge in the industry, we’re very excited to offer several print package options, containing everything required to commence your own T-Shirt printing operation,” says Maneesh “Give us a call today to find out more about how you can benefit from becoming a customer of the DPS Group.” With packages centering around the F2000, retailers can take their first steps toward printing their own high quality, bespoke garment designs – or established printers can add a Visit the DPS Group’s showroom to witness garment printing in action via the Epson F2000 - and trial before you buy - trade always welcome! new, high profit product line The pitch is that whatever your business or its level, DTG Solutions can tailor a package to suit Those retailers whose interest has been piqued by the above will want to head to the DPS Group’s South London showroom, with Epson printers the main focus This is being pitched as the perfect place to see and test the latest products for the photo, retail and print trade in a comfortable and informal environment Enquiries about the Epson F2000 should be directed to the DPS Group’s DTG Specialist David Harrison on 020 8460 3690, or email sales@dtgsolutions.co.uk Stand out from the competition! Add T-shirt printing to your list of services via the DPS Group on 020 8460 3690 www.bpinews.co.uk BPI News | July/August 2016 21 NEWS KENRO ILLUMINATES TRADE OPPORTUNITIES THE DISTRIBUTOR has expanded on its range of high margin, NanGuang branded LED lights and accessories, previously introduced in BPI News April Latest announcements include two NanGuang-branded light stands Both boast three sections and steel and aluminium construction The larger of the two, the NanGuang Lighting Stand L280, has a maximum working height of 265cm and maximum load capacity of 15kg, while the 220P model supports heads up to 12kg at a maximum height of 185cm SRPs are £27.54 and £26.34 respectively “In addition to selling these lights separately we have also bundled some of them together as kits, offering even better value,” enthuses Kenro MD Paul Kench, “Of special note is the very high CRI rating, giving users very accurate colour representation New to the UK and Irish markets, NanGuang offers your photographer customers excellent value and superb quality lighting for fantastic photos and video.” To order stock, get in touch with the distributor now on 01793 615836 www.kenro.co.uk PERSONAL SERVICE FROM LEICA LEICA HAS BEEN doing things quirkily of late – issuing cameras that only shoot in black and white, or eschew an LCD screen Now it is offering potential owners of the Monochrom M (the black and It all pans out for Samsung IS HOME SECURITY the next big thing? Seems the electronics giant hasn’t completely stopped making cameras, if the new pan and tilt SmartCam PT is anything to go by This is being pitched as a stylish wireless camera for remote home surveillance and video communication, which can be set up in minutes “Traditional home security and CCTV can be seen as complicated and off-putting for the average homeowner, so we are delighted to provide a simple new way for consumers to keep an eye on their home through a PC, smart phone or tablet, from anywhere in the world and all at the touch of a button,” enthuses James Frame, European Sales Manager, Samsung Hanwha Techwin The compact SmartCam PT weighs just 155g and comes with a bracket, meaning it can be placed almost anywhere in the home The lens can be panned 350 degrees and tilted through a range of 155 degrees Video capture is at 1920×1080 resolution and at 30fps www.samsungsmartcam.com white shooting one!) the chance to personalise their camera with an ‘à la carte’ silver chrome finish, or a choice of classic black chrome or black paint body Among the custom options are a top plate with – or without – the iconic Leica ‘red dot’ logo on the front, plus an extensive collection of leather trims, from classic black and subtle shades to rich, eyecatching colours including khaki, red or deep blue Orders for the personalised Leica M Monochrom la carte camera can be placed via official Leica stores and boutiques www.leica-camera.com SONY WORLD PHOTOGRAPHY AWARDS 2017 NO SOONER HAVE we reported on the winning entries in the 2016 awards that submissions are being invited for the 2017 World Photography Awards Next year will be the 10th year of the world’s largest photographic competition, with sponsorship again coming from Sony Photographers are welcome to enter their work for free into any of the awards’ four competitions: Professional, Open, Youth and Student Focus The newly re-launched website gives a greater visual platform to the awards’ photographers and makes the entry process simpler than ever before In addition to the four main competitions, the hunt is also on to find the best local photographer in 60 countries through the National Award program Sony is once again providing equipment for the prize winners whilst once again Stephan Zirwes, Germany, 3rd place, Architecture, Professional, 2016 Awards the winner of Photographer of the Year and winner of the open competition receive cash prizes of $25,000 and $5,000 respectively To enter yourself, or to direct your customers’ own efforts, head to: www.worldphoto.org BPI News is your mouthpiece to the industry Send your news to info@bpinews.co.uk 22 July/August 2016 | BPI News www.bpinews.co.uk TRIPLE TIPA WIN FOR SIGMA The manufacturer is at the forefront of the familiar names mentioned as part of this year’s TIPA trade awards, as voted for annually by the global tech and photo press As well as the 50-100mm f/1.8 DC HSM Art getting recognised as ‘Best DSLR telephoto Zoom Lens’, Sigma’s 24-35mm f/2 DG HSM Art lens has been voted ‘Best DSLR Wide Angle Zoom Lens’ for its distinction of being the world’s first full frame f/2 constant aperture zoom The third TIPA award for Sigma has gone to its 20mm f/1.4 DG HSM Art lens, designed to bring out the full potential of high megapixel DSLRs This was voted ‘Best Professional DSLR lens’ As regular BPI News readers will be aware, the TIPA Awards are voted for by 27 publications spanning Europe, South Africa, Canada and the USA MINILAB NEWS MORE RETAILERS ATTRACTED BY THE ‘FIZZ’ OF FUJIFILM’S FDIS Thanks to what is seen as a very supportive marketing program, Fujifilm is claiming new converts to its Window righ countrywide network of FDIS photo imaging stores We hear from satisfied partners, as to well ast getting side of door an update on Fujifilm’s print-encouraging Wonder Photo Tour, heading out thisA3summer… Pos Internal Lightbox in ma in dowteam on has theensured left the n challenging or uncertain Ourwin logistics 100 0m m isx installed 300mm times it is undoubtedly of great equipment quickly and rojecting Sigsupport n to have an established efficiently and our training team I and knowledgeable body backing have ensured that the retailers are your business; one you can rely on ready for business as soon as the kit for sound advice Perhaps that’s is installed.” partly why 12 new photo retailers As we heard from Fujifilm’s have bought Fujifilm equipment resident business expert Wendy Gray and become members of its Fujifilm of Inspires Consultancy in our May Digital Imaging Service (FDIS) in edition of BPI News: “Lots of retailers Open/ Closed doo r sign the first three months of the new are happy to stick their heads in the financial year, according to the manufacturer CLICK‘N’ New converts to the Fujifilm COLLECT brand include Y Stiwdio Brint in INSTORE HOURS Lampeter, Wales; Colorgrafix in OPEN avement Sw visit our website inger Louth; Guildhall Studio in Lincoln; CL ICK‘N’ Camera Plus in Tiverton; Click Click CO LLECT based in Bishop’s Stortford; Skeltons DOWNLOAD OUR Fujifilm Imagine Chemist in Bedworth; and Old MOBILE PHOTO APP Forest Arts in Hay-on-Wye “FDIS’ success is down to the INSTORE HOURS fact that it has a very supportive marketing program,” Fujifilm’s Marketing Manager Peter Wigington believes “Paul Henry and Wendy Gray have spent a lot of time with each retail site ensuring that the merchandising is done properly Digital Photos visit our website www.clickclickzone.co.uk DOWNLOAD OUR Fujifilm Imagine MOBILE PHOTO APP 9:00 am 9:00 am 9:00 am 9:00 am 9:00 am 9:00 am Closed 5:30 pm 5:30 pm 5:30 pm 5:30 pm 5:30 pm 5:30 pm Closed www.clickclickzone.co.uk Passport Photos OPEN 9:00 am 9:00 am 9:00 am 9:00 am 9:00 am 9:00 am Closed ter Holders sand and think that it’s everyone else’s fault if their business isn’t doing well The fact is that people still use the high street, but if they’re not using you let’s see why and see if we can improve it – and that’s what I “The business is: ‘bring us some images and we’ll show you what we can create with them’ We get that message across via point of sale material and staff training Because when the customer comes in asking ‘can I get a print off this?’ well of course they can, but there is a whole lot else we can The way the industry is now, you’re not a lab technician any more – you’re 9:00 am 5:30 pm 9:00 am and you’ve a salesperson 5:30 got pm to sell those9:00 services customer And am to the 5:30 pm 9:00way the only that is by am you can5:30 pm 9:00 am exactly demonstrating what 5:30 pm you 9:00 can ” am 5:30 pm Closed Closed New FDIS recruits set up shop 5:30 pm 5:30 pm 5:30 pm 5:30 pm 5:30 pm 5:30 pm Closed As we heard in our intro, one of the newest members of the FDIS network is Y Stiwdio Brint, run by husband and wife team Sarah and Ashley Ward, Wall Boar who were coming up to just two to sit abo months of trading when we spoke 900mm x and were full of praise for the support they’d been shown – by both Fujifilm and the wider community Sarah’s background is in graphic design and architecture, whereas husband Ashley is a wedding Digital photographer and comes to the business having worked for Jessops in Passport/I the past “Ashley transferred to Halifax as a lab supervisor before becoming Portrait manager there,” Sarah recalls of the pair’s industry experience “He was Photo very tentatively trying his hand at wedding photography, but the VHS/Cine closure of Jessops at the time gave us a bit of a nudge towards thinking Canvas W ‘right, we’ve got to this.’ We now Restora really well with that and have also launched two new photo booth hire Scann companies We look at markets and think ‘how can we get a piece of that pie?’ “We have friends who have their own independent print shop, which started us thinking, but decided that we had enough behind us to sink A3 Poster A3 Poster Fujifilm’s Wonder Photo Tour dates announced The trade is always going to welcome any manufacturer taking proactive steps towards furthering its sales message Last month we brought you news that Fujifilm was encouraging smartphone and analogue Instax users to express their creativity in print by taking its concept of the ‘Wonder Photo Shop’, previously showcased at The Photography Show, out on the road As detailed previously, Wonder Photo Shops have sprung up in cities in Japan, Barcelona, Singapore, Colombia and New York – but this a first for the UK The idea is to bring family-orientated, interactive and creative photographic experiences to events across the country with the sole aim of getting everyone excited about printing photos again – which, ultimately, benefits the wider photo trade too “It’s time to release the pictures from your phone!” Says Fujifilm’s Peter Wigington “We want to illustrate the fantastic range of photo products that you can have around the home, educate consumers about the Instax range of photo products Boost your print sales in 2016! Get in touch with Peter direct on 01234 572138 or via pwigington@fuji.co.uk 24 July/August 2016 | BPI News www.bpinews.co.uk FUJIFILM FDIS PROMOTION Recently opened by husband and wife Sarah and Ashley Ward (inset), Y Stiwdio Brint in Lampeter, Wales, is already receiving a warm welcome from the local community, helped by strong support from Fujifilm and its FDIS network Shop front picture used with kind permission from Tim Jones into opening our own shop It ties together the skills we already have – photography and graphic design All this creative stuff goes hand in hand, in my book, and it’s also given us a bit of a base, so people can come to us for Ashley’s portraiture; the sum of the parts have led to something even better Being a new shop we felt we had to be very careful about who we partnered with, but the support we’ve had since becoming part of “We’re looking to the future and offering a much higher quality product to our customers than anyone else in town That’s not being arrogant; I just know that our print quality is better With Fujifilm we’ve promoted ourselves up a league.” – Guildhall Studio owner, Trevor Gibbs by offering instant Instax photos and demonstrate and educate consumers about our Imagine photo app – encouraging them to download the app to their phones We’ll have fun ‘photo walls’ to encourage consumers to smile and take photos at the experience itself and – naturally – encourage customers to then share their experience on social media.” Tour dates at a glance Kicking off on July 18th and running through until September 4th, the Wonder Photo Tour will be stopping at the Royal Welsh Agricultural Society Show (July 18th-21st), New Forest & Hampshire County Show (July 26th to 28th), Nottingham Riverside Festival (August 5th to 7th), Bristol Balloon Fiesta (August 11th to 14th), Bournemouth Air Festival (August 18th to 21st), Clacton Air Show (August 25th to 26th), Chatsworth Country Fair (Sept 2nd to 4th) “If the kids are happy then the parents are happy so we designed the Wonder Photo Tour with youngsters in mind,” Peter continues “We will have a soft play area with plenty of outdoor games, and our very own Mr Appy will on hand to keep everyone entertained – he’s always after a good photo op!” To get the ball rolling, visitors are being offered the chance to have a selected photo reproduced as a fridge magnet The Instax team will be stationed onsite in a VW camper van, where they’ll be showing off the latest cameras and encouraging visitors to take the inevitable ‘selfie’ There will further be a chance FDIS, particularly from Wendy (Gray) has given us a bit of direction We had bought a wet lab, since Ash’s very passionate about wet prints, having been a lab supervisor in the past But we soon discovered where we are geographically we haven’t got quite the print turnover to keep a wet lab, so this last fortnight we’ve got rid of that and on Wendy’s advice we now have a DL430 dry lab with large format printer where we all the canvasses Once the seed was planted in our head it happened very quickly We’re very passionate when we get for visitors to enter an exciting competition at each and every stop on the Wonder Photo Tour, with a chance to win over £600 worth of photographic prizes, including Fujifilm’s three most popular Instax cameras Attendees are bing asked to simply share their photos of the Wonder Photo Tour on Twitter or Instagram using the hashtag #wonderphototour going on an idea and we’ve had a very positive start The support from the community has been incredible and Fujifilm are great to work with and happy to tailor their offerings to our own aspirations and walk us through it, which is fab Even before we made any purchases, the tech team were more than happy to talk us through everything, so we knew what we were looking for.” Trevor Gibbs, owner and manager of Guildhall Studio, Lincoln, is another Fujifilm FDIS convert, having grown disillusioned with a previous supplier “I’m a self-employed photographer by trade and had this opportunity to take over the shop and purchase the business I wanted a challenge and something I could get my teeth stuck into and this came up, so we gave it a go What attracted me to Fujifilm was the flexibility they had to offer It was all very positive and they weren’t saying ‘no’ to us – they were trying to make things work We’re looking to the future and offering a much higher quality product to our customers than anyone else in town That’s not being arrogant; I just know that our print quality is better With Fujifilm we’ve promoted ourselves up a league.” For more on the benefits of becoming a member of Fujifilm’s FDIS network, the man you need to call is Fujifilm’s Marketing Manager Peter Wigington on 01234 572138 or email pwigington@fuji.co.uk Full Terms & Conditions can be found here: https://fujifilmblog.com/wonder-photo-tourcompetition-tcs Meanwhile for more on the tour itself as it progresses, head to: https://fujifilm-blog.com/wonderphoto-tour-by-fujifilm-uk/ Boost your print sales in 2016! Get in touch with Peter direct on 01234 572138 or via pwigington@fuji.co.uk www.bpinews.co.uk BPI News | July/August 2016 25 NEWS NEW AMBASSADORS ‘TAKE THE THRONE’ AT NIKON NIKON UK has announced the addition of two new photographers to its brand ambassador lineup in Richard Peters, an award winning wildlife photographer, and Helen Sloan, a film and TV stills photographer, presently most celebrated for her promotional images for the TV series Game of Thrones For those not in the know, the Nikon Ambassador initiative was introduced in 2013 to celebrate class-leading photographers working in specific photographic fields – in order for Nikon to inspire Nikon UK brand ambassador, Helen Sloan its customers to pick up their camera and reach their creative potential The ambassadors work with Nikon on a range of activities, from seminars at key events (such as The Photography Show) to social media and PR campaigns Richard and Helen join the manufacturer’s current ambassador line up which also comprises David Yarrow, the fine art wildlife photographer also known for his remote landscape shots, Jeremy Walker, who specialises in landscape and location shots, and Leon Neal, a news photographer “Since the launch of the Ambassador scheme in 2013 we have seen some amazing talent in our line-up and it continues to go from strength to strength,” believes Nikon UK’s Group Marketing Manager Jeremy Gilbert “Through the ambassadors we are able to engage with our customers but most importantly, encourage enthusiasts to take a step up with their photography “The scheme has allowed us to formally acknowledge some of the country’s leading photographers in their fields and collaborate with them creatively to inspire and engage budding photographers.” In related Nikon and Game of Thrones news, BPI News was Nikon UK brand ambassador, Richard Peters recently invited on a short press trip to Dubrovnik, Croatia – where large chunks of the TV series are filmed – to test out the capabilities of its latest much-in-demand DSLR, the D500 Pictured below is the Nikon UK team, hard at work, dealing with the perennial photographers’ issue of strong sunlight The D500 is shipping now For more info about the Nikon UK ambassadors, visit: nikoninframe.co.uk/ambassadors Canon UK celebrates 40 years FROM INAUSPICIOUS HQ in Wallington near Croydon in Surrey (when your editor was a schoolboy nearby) to smart and impressive headquarters in Reigate, the photo giant celebrated its 40th anniversary on June 21st This was marked with a birthday celebration for 2,000 employees, who will also receive an extra day off to celebrate their own birthdays Canon Business Machines was established in the UK on 21st June 1976 when the key focus was on sales of calculators, micrographic equipment and photocopiers for the business market In 1982, Canon merged with a separate camera sales operation to create Canon UK, as it is now known, growing to become a leader of digital imaging solutions for office and home environments When Canon UK was established the latest product was the AE-1 (shown here), the world’s first 35mm AE SLR equipped with a central processing unit (CPU) and seen as a pioneer of automated and computerised cameras Dave Newell, a long-serving Canon employee who joined the company in 1982 says: “It’s brilliant to work at a company like Canon There is a great atmosphere and staff are treated as valued members of the team, rather than just cogs in a wheel When asked why I have chosen to stay at one company for so long, I have to say that it’s not the same company; the business continually transforms in really exciting ways to support the changing needs of our customers.” As BPI News readers will be aware, Canon UK now has offices across the country including head office in Reigate, as well as London, Birmingham, Livingston (Scotland) and Belfast www.canon.co.uk BPI News is your mouthpiece to the industry Send your news to info@bpinews.co.uk 26 July/August 2016 | BPI News www.bpinews.co.uk in Pr 15 20 E AD TR nc tF e h is of th e ar Ye The perfect picture A members only partnership with the market leader in photo imaging Providing a modern marketing solution for photo retail within your business The perfect solution to increase your profit margins from photo retail For more information For more information the benefits of FDIS membership or to please call on 01234 572138 or request a brochure please call Peter Wigington visit www.fdisphotoretailers.com on 01234 572138 or email pwigington@fuji.co.uk BPI NEWS BUSINESS ADVICE Snap decisions that make global local BPI News’ resident business expert Adam Bernstein investigates the impact fluctuations in the international currency market have on your photo business, plus examines the immediate effect of the EU referendum vote and it means for the trade… A s business becomes increasingly global, the issues surrounding foreign exchange management become ever more pressing – especially where products are sourced for retail While many shop owners only buy and sell in sterling, the effects of currency changes are an issue for manufacturers and distributors, and so, by extension, retailers too Anyone watching the slide of sterling in the run-up to the ‘Brexit’ vote in June will have seen import prices rise, while exports became more competitive So, how does the currency process work and what can be done to fix a commercial exchange rate? While there are as many variations 28 July/August 2016 | BPI News on currency products as there are permutations on a lottery ticket, and all manner of ways to complicate things, there are also some straightforward steps that businesses can take to manage currency risk Planning and managing risk David Johnson, Director of foreign exchange firm Halo Financial, says that a conversation about currency risk generally starts with minimising exposure Gambling on exchange rates can be a recipe for disaster, especially in a market with millions of participants, with transactions totalling $5.3 trillion a day “Anyone who claims to be able to pinpoint exactly where an exchange rate will be at a certain point in the future is deluded,” he believes “But there are risk management tools which can be utilised.” Those who are entirely risk averse might choose to purchase all of their currency requirements, as soon as they have an identifiable currency risk If cash flow allows, they may wish to that and hold the proceeds of the contracts on currency accounts, pending payment requests They will have removed exchange rate variation from their planning, plus have the flexibility of cash at hand in the correct currency when they need it Johnson says that if cash flow doesn’t allow for that – and this is the more likely scenario – businesses can still cut all risk through the use of forward contracts These use today’s exchange rate to put a contract in place, while delaying the final settlement of that contract for up to two years This generally requires a part payment / deposit initially, but it aids cash flow by keeping the bulk of funds available as working capital “The other advantage of forward contracts is that, if payment is required more urgently, or if the payment needs to be delayed, the forward contract can be flexed, to either draw down for early delivery, or extend or roll over to a late settlement date if necessary,” our adviser notes It transpires that many companies www.bpinews.co.uk BPI NEWS BUSINESS ADVICE “A firm wanting to see if the exchange rate is moving in their favour, and who wants to wait to see if there is some advantage to be taken from that trend, should consider a ‘stop loss order (SLO)’” find that forward contracts are the tool of choice for payment of invoices on 30, 60 or 90 day terms, as they provide exchange rate certainty for the whole credit period Forward contracts are also used where goods are received on consignment, or where letters of credit are required A firm wanting to see if the exchange rate is moving in their favour, and who wants to wait to see if there is some advantage to be taken from that trend, should consider a ‘stop loss order’ (SLO) “This device is placed into the foreign exchange market, with a market maker, to guarantee a minimum exchange rate The order sits as a latent instruction, but isn’t actioned until the market moves in such a way as to trigger the order,” explains Johnson www.bpinews.co.uk He illustrates the point with an example: A distributor needs to buy US dollars and the current market exchange rate is $1.42 If the trend looks like it is heading higher, they may be tempted to wait for a better level, but the ever-present risk is that the trend changes and the pound slumps to $1.35, wiping out any profit Let’s assume they cannot make a return on the contract unless they can achieve at least $1.40 or better In these circumstances, they could place a ‘SLO’ at $1.40 to guarantee that rate as the worst-case scenario, while leaving the opportunity to buy at higher levels if the pound continues to rally Essentially, even if the pound collapsed, as soon as the sterling – US dollar exchange rate fell to $1.40, the order would be triggered and they will have bought their US dollars There is another alternative to the SLO: ‘options’, which are used by many companies, especially where they have sizable requirements and/or long term projects Johnson cautions that they can be expensive because ‘plain vanilla options’, as the basic form is termed, require the payment of a non-refundable premium, yet they serve the same basic purpose as an SLO The flexibility in an option is in the right not to exercise the right to buy at the option level, unless needed Using volatility Automated orders can be used in another way A ‘limit order’ can be used to target an advantageous exchange rate, which is above the current level According to Johnson this works because the foreign exchange market doesn’t rest Trading begins on Sunday night UK time and continues around the clock until the US markets close on Friday night “One by-product of this is that some of the most volatile periods occur when individual markets are opening or closing; this volatility can be captured by placing automated limit orders at pre-determined exchange rates As long as the market trades to the nominated level, the order will be filled.” Clearly firms need to plan ahead To a large extent, planning is the key to every aspect of success in managing your currency needs If you ask all of your questions in advance, dot all the i’s and cross all the t’s, you will suffer fewer shocks and avoid nasty surprises What next for the trade after ‘Brexit’ vote? THE ELECTORATE SPOKE last month, and, whilst the dust was still settling as we went to press, the UK is poised to leave the European Union The result is another blow for the polling profession – they got the predicted outcome wrong in the 2015 election and appear to have got it wrong again Those in a shock at the outcome were given a chance to catch their breath in that Prime Minister David Cameron went back on his original promise to immediately trigger article 50 of the Lisbon Treaty, the clause determining how a member state leaves the EU – despite Brussels calling for the UK to so, in order to avoid ‘contagion’ from our own referendum spreading abroad It’s also worth noting that a referendum isn’t binding – it’s indicative only However, in a democracy it’s a moot point and we will now surely leave the European Union The questions to be answered now are what now for our wider economy and the retail trade in particular? The immediate wake of the vote saw Mr Cameron and Mark Carney, the Canadian Governor of the Bank of England, trying to steady the ship in the face of financial markets predictably in a panic Consider that in the summer of 2015 the Pound against the Euro had risen to €1.42, but by the start of the week of the vote it was down to €1.24 As the polls closed it had risen to €1.31, but once the vote result was made public it had dropped through the floor to €1.22 The Dollar did something similar and fell to €1.32 – a 10% fall and a rate not seen since 1985 The London stock market was equally in turmoil and had fallen more than 8% over the morning before recovering to only being 4% down – again, something not seen since the collapse of Lehman Brothers in 2008, the precursor to the last recession Other global markets followed suit – Italy was down 11% while Germany was down 7.5% and France had lost 9% The only saving grace is, as Mr Carney put it on the morning the outcome was known, that the banks have more cash in reserve and have been stress-tested so that bank failure is very unlikely Trading with Europe The other point to make is that UK law, at least that based on EU legislation, isn’t going to change overnight and in many cases will mirror whatever Brussels passes Why? Because if the UK is to trade with Europe we’ll have to comply with their rules, even though we’re on the outside and unable to exert any influence In other domestic matters, such as health and safety and employment law, it would take a very brave government indeed to repeal legislation that gives, for example, workers holiday entitlements and rest breaks, while protecting individuals from discrimination What will be interesting to see is how, post exit, UK firms in recruiting staff, as it’s entirely possible that the automatic right of EU nationals to live and work in the UK could be curtailed (and vice versa) Of course, there is also the possibility that businesses with a majority interest in Europe will simply up sticks from their UK bases and move to the continent Continues next page… BPI News | July/August 2016 29 BPI NEWS BUSINESS ADVICE PRODUCT OF THE MONTH Continued from previous page But there are other areas for concern, even at the everyday, practical level Regarding the cost of mobile phone use in Europe; UK travellers must surely be grateful that the cost of roaming has fallen markedly in recent years, something that the EU has championed But once we’re out of Europe the legal requirement for the removal of roaming entirely (in July 2017) will evaporate, leaving UK mobile operators with the opportunity to as they please And what of movement of monies? Will the UK stay part of Single Euro Payments Area, the system for simplifying cross-border euro bank transfers? While we are not part of the eurozone, many firms will have euro accounts There will also be issues with the free movement of goods, capital and people Border controls will change for British travellers, making clearing customs an even slower process, while firms buying or selling in Europe may well find that tariffs and controls are imposed, making their imports or exports more expensive and slower to move around The flipside is that the UK will be free to negotiate its own trade deals with non-EU countries and it’s arguable that importers could see some duties on goods fall and with much manufacturing done in the Far East that could be something positive Furthermore, in the short term, and until the pound recovers, the cost of imports will rise while exporters should be able to capitalise on their position of being more competitive against other currencies Many commentators believe that the end result of a weak pound, however, is going to be rising inflation which, in turn, will exert extra pressures – including demands for rising pay – on businesses already struggling to cope with rising competition 30 July/August 2016 | BPI News While the Bank of England will be doing its utmost to resist any kneejerk reaction, the reality is that it will take “all necessary steps” to support the financial system, including quite possibly raising interest rates That will benefit some – those with savings – but will hurt many who borrow, including businesses and homeowners paying off mortgages To be fair, interest rates were due to rise late in 2015, but were kept on hold because of other economic concerns Even so, it’s going to be a potential shock to the system when they rise The other much-trumpeted concern is that leaving the EU – and the run up to the event – could lead to another downturn As noted, the stock markets fell immediately after the vote and banks and house builders saw their shares hit badly Could this be a forecast of the end of the housing boom? Could consumers start to feel a chill? After all, rising prices gives homeowners the feeling of wealth Investments in shares depend on profits so those investing in exporters should well But what is likely to happen to taxation? While some suggest taxation could fall because of the end of being a net contributor to the EU’s coffers, and the requirement to have a minimum rate of VAT (15% for standard rated items, 5% on domestic fuel), others, including the Institute of Fiscal Studies, believe that the government’s austerity programme could be further extended Could the vote lead to a further political breakup? Possibly Politicians in other member states were calling for a vote at the time of writing – Marine Le Pen in France, Mateo Salvini in Italy and Geert Wilders in the Netherlands And then, of course, Scotland’s First Minister immediately called for another independence vote and there were suggestions from Sinn Fein for a vote on Northern Ireland’s status This too could affect economic stability But at the end of the day, much was supposition as we went to press and no one really can tell with 100% certainty what will happen going forward Clearly half of the country sees value in our leaving the EU and it’s entirely possible that this may turn out to be the right decision One thing is certain, we – private citizens and those in business – are now slowly walking towards a brave new world OLYMPUS TOUGH TG-TRACKER £279.99 SRP I t’s not just premium-end cameras that are still selling in this smartphone era The action or ‘tough’ camera market is also quietly thriving So, if you’re looking for a camera to throw about (we recently witnessed Olympus’ own Marketing Manager Mark Thackara pitching this green liveried pocket rocket from audience onto stage during a live band performance), then the new TG-Tracker could be worth investigation Reaching store shelves this month (July), the real talking point here – and a key element to pitch to your customers – is that the toughened action camera features 4K-video capture for the first time in the series In terms of toughened qualities, the TG-Tracker’s credentials are that it is shockproof to a height of 2.1 metres, crushproof to a weight of 100kg, dustproof, freezeproof down to -10°C and waterproof down to 30 metres Living up to its ‘Tracker’ name, if using the free Olympus Image Track Ver 2.0 ‘app’, foolhardy or adventurous potential purchasers can review outdoor adventures with info including altitude or depth, air or water temperature, geolocation and direction and speed of movement The camera further logs changes in G-force Not only that, it’s adaptable to your photographers’ creative needs too, via detachable grip, wide angle lens offering 204° point of view, five axis image stabilization and flip out LCD monitor for flexibly creative shot composition and review Again this device sits comfortably in the palm of the hand, or pocket; as is often the way, it is actually much smaller in person than press shots portray With your customers heading off on summer holidays, the Olympus Tough TG-Tracker could make for a reliable companion in an unreliable climate Sometimes ruggedness and resilience goes a long way www.olympus.co.uk www.bpinews.co.uk 20 –25 SEPTEMBER 2016 | COLOGNE NO LIMITS – JUST IMAGING At photokina, the world‘s leading trade show for photography, video and the whole photo imaging sector, pros and imaging enthusiasts from around the world meet with top companies of the industry to exchange ideas about new products, trends and innovations In addition to five exciting thematic worlds, virtual and augmented reality, cloud services and smart home innovations also provide the focus of the trade fair in 2016 International Business Media Services Ltd 42 Christchurch Road, Ringwood BH24 1DN Tel. : +44 1425 48 68 30, Fax : +44 1425 48 68 31 info@koelnmesse.co.uk Make the most of the combined professional expertise at photokina: whether you are a photographer, film-maker, imaging professional or specialist retailer, you’re in the right place here! 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