Olympus to end camera operations in South Korea
Olympus will end its consumer camera operations in South Korea, the company announced on Wednesday.
The Japanese optics giant said it "wanted to provide great products and services" but decided to end operations in the country due to the rapid contraction of the local camera market.
The company said it will close its offline and online stores by June 30, but would continue to provide repair services until 31 March 2026.
Olympus first entered South Korea in 2000, with its compact digital camera Mju series being incredibly popular. The company's PEN series of premium interchangeable lens camera in 2009 was also a hit.
But the arrival of smartphones quickly marginalised digital cameras in the local market. Apple's iPhone series first launched in South Korea in 2009.
Olympus stressed that it would continue its medical and scientific solution business, however.
The company operates a medical training centre in the city of Incheon, west of Seoul. It said it would also continue corporate social responsibility activities to contribute to society in South Korea.
The company stressed that as of March 2019, over 80% of its sales came from medical businesses with 60% of its research and development cost spent in this area.