Olympus exits camera business in Korea

Several news outlets report that Olympus is exiting the camera business in Korea:

"Olympus plans to exit its camera business in South Korea hit by decreasing sales, focusing instead on optical equipment for medical purposes and scientific equipment, the Korean branch of the Japanese manufacturer said Thursday.

In a statement, Olympus Korea said it will "cease its imaging business in Korea, effective June 30, 2020." Its Brand Store, a store operated by Olympus Korea in southern Seoul, and its online shopping mall E-store will also be closed on the same day." (Koreatimes)

"Olympus Korea announced that it will end its camera business in South Korea on June 30, and concentrate on the medical business and science solution business on the 20th.

Olympus Korea has been making continuous efforts to improve profitability and efficiency by focusing on mirrorless cameras such as OM-D and PEN and interchangeable lenses. However, over the past few years, the Korean camera market has shrunk sharply, and it has been difficult to achieve the desired results, so we have decided to end the business." (Ajunews)

The reports are based on an official notice on the Olympus Korea website (see here and here). This should not be a surprise to anyone who has closely followed the Olympus developments in the past few months:

Olympus Q3 financial results are out: Imaging Division revenue down by another 9%, 2020 forecast has been revised downward

Bloomberg: Olympus may cut jobs, CEO backtracked previous comments that camera business was not for sale, saying that’s no longer the case

Rumors: Olympus to shut down camera division in less than 8 months

Olympus could be forced to exit the digital camera market

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