Will The Good Ole’ Boy Network! Help Fujifilm?

by ray stasieczko October 31, 2026

When industry leaders run from reality into the arms of complicit distractors, don’t be fooled. It seems the print industry’s pandering podcasts are ramping up their fall episodes.

It’s amazing to watch these folks circle the industry’s actors, hoping to help distract the marketplace from tough questions or any critical scrutiny!

The latest attempt at distraction was published on Friday! An interview on Friday’s With Frank, where he hosted Fujifilm executives who discussed nothing new. It was a conversation about production print and what I viewed as an update regarding the perpetual On-The-Job Training at Fujifilm regarding their Dealer Channel Development.

I believe the on-the-job training for the Fujifilm leaders responsible for building out the dealer channel network needs to be transitioned into action. Unfortunately, this interview did not give me confidence that the transition will succeed anytime soon, if at all.

Here in the U.S. marketplace, we have seen Fujifilm recycle executives from other OEMs. Over the last multiple years, what has Fujifilm actually accomplished?

As I listened to this recent interview, I could only think of salad dressing, as the entire interview was a Word Salad! Two folks from Fujifilm and the show's host made me hungry for a salad but left me starved for substance regarding channel dealer distribution.

The Fujifilm executives were rambling about building a mountain, and immediately I thought, "Are you joking? Fujifilm has been trying to replace the end-user distribution that Xerox provided them for decades." XEROX is, in fact, the industry's mountain for end-user distribution. Recently, Xerox held its global partner meeting in Nashville, where over 500 Channel Partners representing 70 countries were in attendance.

In this interview, the Fujifilm leaders talked about a recent meeting they held in Las Vegas with some dealers, but said most attendees were non-Fujifilm dealers being recruited. Of course, as usual, the host didn’t ask for details on the number of dealers, and Fujifilm didn’t volunteer it. More importantly, Fujifilm didn’t announce any new dealer logos joining the team.

As I said in a previous article, I believe most end users would not recognize Fujifilm as an Office MFP manufacturer, as Fujifilm relied on others to sell their products rebadged for end users; Xerox, obviously, their largest re-brander.

That similar thinking was also apparent in the host, who opened his show by saying he had never spoken with anyone from Fujifilm other than at a Printing United event.

Could the reason be that Fujifilm was a behind-the-scenes player? I repeat: Fujifilm relied on others, especially in the U.S. marketplace, to deliver their office MFP-manufactured equipment, rebadged for the marketplace.

We all remember a couple of years ago Fujifilm went to KATUN to rebadge their A3 office MFPs. Katun calls them the Arivia. That decision has definitely provided me plenty to discuss, as I think it was completely illogical based on the actual size of KATUN. Who is a third-party toner and parts supplier with global revenues sub- $200 million.

Recently, I shared details of GPI, Katun’s owners' financials, highlighting revenue numbers for the KATUN ARIVIA. The numbers were pitiful, and no industry media has asked KATUN anything about them. Of course, as expected, a few of the industry’s YouTube hosts continue to help KATUN hide from a reality they seem embarrassed by.

Looking back, I see that decision regarding KATUN as just one of many questionable decisions regarding building a channel by Fujifilm.

Here’s what I see as Fujifilm’s failure to build a robust dealer channel, at least here in the U.S.: I believe it’s a misunderstanding of end-user distribution and an arrogance that the Fujifilm name would compensate for not having a strategy or the needed leadership skills to execute a strategy in bringing into an oversaturated marketplace another choice for dealers already delivering multiple MFP lines.

In the interview, the Fujifilm leaders were discussing 2030 and Building Mountains. After multiple years, one would hope they were actually discussing strategy and programs. This uncertainty in Fujifilm's messaging is becoming the norm. The decision to build a dealer channel to replace the long-term relationship between Fujifilm and Xerox started in Jan of 2020. In the interview the new leader made a comment that it has only been a couple years. In January they start the seventh year!

We are all still recovering from the whiplash caused by the press release announcing the spin-off of “Business Innovation,” the entirety of the Fujifilm Holdings conglomerate's print business. All while we see Fujifilm recruiting employees and dealers and simultaneously letting go of employees and divesting of Business Innovation Assets.

The uncertainty in that press release was the statement that they will be considering the spin-off approach over the next two or three years. In the press release, it appears the divide-in-kind 80% equity spin-off split, with 20% staying with the conglomerate, is the likely approach. Maybe Fujifilm believes without the conglomerate discount the Fujifilm Holdings stock would increase. However, Fujifilm is now be questioned regarding the infrastructure delays within their Healthcare business unit.

Of course, I don’t believe Fujifilm is evaluating the reality of the spin-off share's value, especially as Fujifilm seems to be struggling to rebuild end-user distribution as the Xerox channel eliminates dependence on Fujifilm products.

Xerox is now bringing A3 Office MFPs to market through its acquisition of Lexmark. Xerox was a massive % of Fujifilm Business Innovation Revenues. Some suggest as much as 1 to 1.5 billion dollars annually.

The Business Innovation unit had 7.3 billion dollars in total revenue in its last FY, which ended in March of 2026. 2.2 billion dollars came from Business Solutions (IT Services, ERP). So, pulling out IT Services, there is only 5.1 billion dollars which is print-related, broken out: 3 billion dollars in Office Solutions (MFPs) and 2.1 billion dollars in Graphics Communication (production and industrial print)

So, Fujifilm Business Innovation print-related revenues are only 5.1 billion dollars. If Xerox were buying 1 to 1.5 billion dollars from Fujifilm, that would mean that without Xerox, Fujifilm would lose between 25-30% of its print business revenue. Currently It does appear Xerox will continue selling some Fujifilm-rebadged production for a while.

However, we see Xerox partnering with other OEMs in the production space, as well as launching its own new inkjet production, so it's safe to say XEROX is also positioning itself as less reliant on Fujifilm in production as well. I think most agree in the office MFP space that A3 & A4 Xerox will move quickly away from Fujifilm.

Here’s my observation. At the same time, Fujifilm has spent the last multiple years trying to learn how to build a dealer channel to replace Xerox. Xerox has spent the last multiple years building an alternative manufacturing infrastructure, allowing it to care less about what Fujifilm does or attempts to do. As I stated in my recap of the Xerox global partners meeting Fujifilm never even came up because no one is concerned about Xerox's ability to bring the right products to their channel partners.

Every day Xerox becomes less dependent on Fujifilm, and every day Fujifilm becomes more dependent on something they seem to continue struggling to accomplish (building a channel to replace Xerox). If it is a contest, it is clear that Xerox won!

Back to the spinning-off press release, I have discussed this in a few episodes, as well as articles you can find on my LinkedIn profile page and my YouTube Channel. In the most-read article, I suggested an alignment with Ricoh and ETRIA. Below this paragraph is a link to that article.

my thoughts regarding a spin off option for Fujifilm

After years of attempting to build out a channel, and with the executives having to explain their titles, talking about 2030, and mountains and what one day will bring instead of discussing what has actually been accomplished, one really has to ask: What is Fujifilm Thinking?

The Friday's With Frank host decided his first question should be about production print, not dealer channel building. This reality is important because it highlights the struggles Fujifilm is having in building out a dealer channel.

It seems as if it’s not a priority; instead, it’s a hobby. Apparently, Fujifilm senior leaders seem comfortable with a perpetual environment of on-the-job training in channel development, as long as they talk about production print.

Over the last few years, I have been very bold in telling Fujifilm that dealer channels are more than just production print. There are millions of A4 desktop printers and MFPs, along with A3 MFPs. Scattered across offices worldwide representing BILLIONS in revenues. This interview was just more production-print product word salad spinning than dealer channel-building.

When you think about this interview, it seems the conversation should have been dominated by what Fujifilm is doing to actually succeed in building a dealer channel. Instead, it was more about what's coming someday, in my view it was just more uncertainty. I can't be the only one who saw this interview as highlighting a perpetual on-the- job-training program.

Fujifilm seems more uncertain than certain. That uncertainty aligns perfectly with the conglomerate's press release regarding the spin-off of Business Innovation and the two- to three-year window.

Fujifilm should exit print and should be decisive in the exit. It does not seem logical or fair for Fujifilm to hire people to build something they are uncertain about, especially after telling the whole world they were considering spinning off the business over the next couple of years.

As I said before, which dealer is interested in signing an agreement with an OEM that has publicly shared too much uncertainty? Why would a dealer jeopardize existing OEM relationships by jumping into a relationship with Fujifilm, who I believe, after multiple years attempting to build channel distribution, is still struggling to transition from an on-the-job training program to actual execution?

If Fujifilm is serious about building a dealer channel, Fujifilm needs to eliminate the on-the-job training approach immediately. I would also suggest to Fujifilm: Beware! There are folks in the industry who make a living telling people exactly what they want to hear, especially to folks desperate for agreement, as hearing the truth is too painful.

Ray Stasieczko, Host of, The Industry's most watched YouTube Series, The End Of The Day With Ray! Link to channel below.

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