No more fridges and washing machines from THIS popular brand in India, what made them quit the appliance market? company to now focus on…, it is…
Panasonic, the well-known Japanese electronics company, has decided to stop selling refrigerators and washing machines in the Indian market. While other Panasonic products will still be available, these two categories will no longer be sold here. This decision is likely to affect many employees, but it has turned out to be good news for two of Panasonic’s competitors, Whirlpool and Voltas, whose stock prices rose sharply on June 26 after the news broke.
Why Panasonic Took This Step
According to a report in The Economic Times, Panasonic was not able to make a strong mark in India’s fridge and washing machine market. That’s why the company has decided to exit these product segments in India.
A company spokesperson confirmed that Panasonic will no longer sell refrigerators and washing machines in the country. The production of these items is being stopped at its Jhajjar factory in Haryana. For now, this factory will continue to make products for other brands under contract manufacturing.
What Will Panasonic Focus On Now?
The company plans to shift its focus in India to areas that are growing faster. These include:
- Home automation
- Air conditioners (ACs)
- B2B (Business-to-Business) solutions
- Electrical and energy solutions
The spokesperson also said that Panasonic will help its dealers sell off any leftover stock of fridges and washing machines. In addition, the company will continue to provide warranty and service support to customers who already own these products.
Many Jobs Will Be Lost
Panasonic is restructuring its business in India, and the move will cost dozens of employees their jobs. The company admits the decision is painful but says it is needed for long-term growth. Panasonic promises to help the workers who are laid off. Even after the cuts, the firm will continue selling TVs, air-conditioners, and other key products in the country.
What Panasonic Sells in India
Panasonic’s Indian catalogue is wide:
- Home appliances – refrigerators, washing machines, air-conditioners, microwave ovens, water purifiers, mixer-grinders, and electric cookers
- Entertainment gear – televisions, headphones, home-theatre systems, and cameras
- Personal-care items – electric shavers, hair dryers, and electric toothbrushes
- Energy solutions – solar panels, inverters, and batteries
- Auto accessories – car batteries and related products
- Business equipment – projectors, office phone systems, and security cameras
All these products are sold online and in physical stores.
Panasonic’s Journey
Panasonic is a Japanese company headquartered in Osaka. It was founded in 1918 by Konosuke Matsushita, starting out with simple lighting parts before moving into electronics and home appliances. The brand first entered India in the 1970s but expanded much more quickly after the year 2000. In 2012, it set up Panasonic India Pvt. Ltd., which helped speed up its growth and product range in the country.
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