Jan. 29, 2009
HOYA CORPORATION (the Company) decided to terminate the Crystal Business on March 31, 2009, as part of the measures to strengthen management structure and thus improve profitability of the HOYA Group as a whole. As the business terminates, HOYA CRYSTAL TOKYO, the Company´s directly-owned retail shop will be closed as of May 12, 2009.
The Crystal business, started in 1945 immediately after the World War II, has grown to become one of the main businesses to lead HOYA´s sales growth and attracted many customers with the high quality products applying technologies cultivated through the development of optical glasses. However, as the bubble economy burst in early 90´s, sales started to decline against the backdrop of slacked corporate demands and the market polarization by the inflow of low-priced products. In order to respond to such market changes, the Company turned the gear from the mass-production based operation to the small-scaled, all handmade products produced with the craftsmanship and has been challenging by introducing unprecedented crystal products. However, in the middle of the stagnant consumer spending stemming from the global economic crisis, the Company foresees further downturn of the business performance, thus decided to cease the Crystal business.
The Company would like to thank all our customers for their warm support toward HOYA Crystal products in the past, and we greatly appreciate your continuous understanding and support for the future.
Corporate Communications of HOYA Group