Olympus to Close Korean Camera Business by End of June
Korean Camera Business Ends on June 30
Brand Store and e-Store Also Closing at End of June
[Asia Economy Reporter Han Jinju] Olympus will withdraw from the domestic camera business at the end of June.
On the 20th, Olympus Korea announced that it will end its domestic camera business on June 30 and focus on its medical business and science solutions business.
The directly operated store "Brand Store" located in the Seocho headquarters building and the official online shopping mall "eStore" will close on June 30. Sales and service-related matters will be announced through the website and the main phone line.
Olympus Korea has been focusing on mirrorless cameras such as OM-D and PEN, as well as interchangeable lenses, continuously striving to improve profitability and efficiency. In recent years, it judged that the Korean camera market has rapidly shrunk and it has become difficult to achieve the expected results, leading to the decision to terminate the business.
Olympus will restructure its business portfolio around the medical business and science solutions business. It plans to enhance competitiveness through the medical business, which provides diagnostic and treatment solutions such as medical endoscopes, laparoscopes, and surgical equipment, and the science solutions business, which offers imaging, measurement, and inspection solutions such as industrial endoscopes.
Naoki Okada, CEO of Olympus Korea, said, "We sincerely thank everyone who has loved Olympus cameras over the years," and added, "Going forward, Olympus Korea will contribute to the health, safety, and happiness of Korean society as a global medical company."
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Olympus started as a microscope manufacturing company in Japan in 1919, began its camera and lens business in the 1930s, and officially entered the medical business in the 1950s by commercializing the world's first gastrocamera, which laid the foundation for today's gastroscopy. Olympus maintains a market share of over 70% in the gastrointestinal endoscopy field, and 80% of its total sales come from the medical business.
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