Olympus has announced that it is withdrawing from the camera business in South Korea due to “mostly” low camera sales volume, according to a report from The Korea Times. In a statement, Olympus Korea has said that it will “cease its imaging business in Korea, effective June 30, 2020”. It’s Olympus Korea brand store in Seoul as well as its online store will also close on the same day.
Despite the decision to end sales in South Korea, there is some good news for existing Olympus owners. Their service centre will still be operational until March 31, 2026, allowing existing customers to still get their equipment repaired. At least, for now. I suspect that quite a large chunk of those Olympus shooters will choose to switch to another brand within the next five years.
To quash any rumours of a political motivation for the decision, Olympus also stated that the closing of its camera business in South Korea is based purely on declining sales and the generally dwindling camera market in South Korea. A trend echoed around the world right now, which the coronavirus situation isn’t helping. Olympus will remain in the country to focus on its diagnostic and therapeutic products for the medical industry. [via Korea Times]
