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Panasonic exits refrigerator, washing machine segments in India amid losses
PTI New Delhi
Panasonic is exiting from the refrigerator and washing machine segments in India, as part of global restructuring of business by the Japanese appliances and consumer electronics major.
Both the refrigerator and washing machine segments were a loss-making businesses for Panasonic in India, where it was struggling to make a space in the market.
According to GFK numbers, Panasonic has a very low market share in both refrigerators and washing machine segments.
In washing machines, its share was 1.8 per cent and it was 0.8 per cent for refrigerators. In both the segments, Panasonic was reporting losses in sales over the last six years.
When contacted, Panasonic Life Solutions India spokesperson in a statement said this is in line with its global strategy.
"In line with our global strategy and evolving market dynamics, Panasonic in India is rebuilding operations to focus on future-ready growth segments such as Home Automation, Heating Ventilation & Cooling (HVAC), and B2B solutions, Electricals and Energy Solution, among others.
"As a part of this growth strategy, we will focus on HVAC commercial and residential and televisions in Panasonic Consumer Business category and discontinuing the washing machines and refrigerators categories," she said.
Moreover, Panasonic will support dealers in inventory liquidation and will continue to provide full customer service, including parts and warranty coverage.
In May this year, Panasonic Group CEO Yuki Kusumi had said that the group is planning to exit from the loss making businesses worldwide to break free from stagnation and position the Panasonic Group for strong and renewed growth for the future.
The company has been evaluating loss making business lines and plans to focus on future-ready growth segments depending on market opportunities.
For India, the company plans to focus on home automation, heating ventilation & cooling (HVAC), and B2B solutions, electricals and energy solutions, among others. Our entire consumer business portfolio remains intact -- AC, TV, MWO, kitchen appliances, beauty products, Lumix cameras etc.
"As we continue our journey towards sustainable long-term growth, we recognise that our efficiency enhancement drive and evolving business model have led to certain roles getting restructured. This is difficult but a necessary step, and we deeply appreciate the contributions of our impacted employees," the spokesperson said.
In FY'25 Panasonic India revenue was around Rs 11,500 crore, a double-digit growth overall.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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