NEW DELHI, Jun 28: 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 tha.
