Just when we thought this will be a big year for them in the country, Philips dropped a big bombshell yesterday and announced theyâ€™ll be bidding the consumer electronics market goodbye.
Yes, thatâ€™s farewell to Philips audio and video gear, and accessories as theyâ€™ve decided to call it quits in this highly competitive segment of the market, and instead, will just focus all their resources to churning out lighting products and medical equipment.
But donâ€™t that doesnâ€™t mean you wonâ€™t see any Philips-branded tech treats anymore in the next couple of years. Theyâ€™ve sold their lifestyle entertainment business to Japanâ€™s Funai Electric, a long-time partner of the company, giving them the rights to offer up products under the Philips name for the next five and a half years once the deal is completely signed, sealed and delivered later this year.
So yes, itâ€™s goodbye for Philips, but no, not yet a goodbye for the brand.
Read the complete announcement here.
via The Source
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