Pentax 2003 Annual Report Download - page 18

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Crystal
The Crystal division comprises high-quality glass and stemware, interior ornaments such as vases and
clocks, and crystal jewelry for women.
In the market for crystal products, the decline in individual consumption and social gift-giving due
to the economic slowdown, along with the change in lifestyles and an increase in inexpensive import prod-
ucts has had a severe effect on performance in recent years, causing the Company to explore new directions
in which to develop the business for the future.
During the fiscal year under review, as one aspect of the restructuring of the business, the consoli-
dated subsidiaries Hoya Crystal Corporation and Hoya Crystal Shop Corporation were merged with the
parent company, Hoya Corporation, on March 1, 2003. At the same time production levels were reduced
to levels more appropriate to current business conditions, and the product lineup significantly contracted
to specialize in high-quality items, in an effort to restructure the business and the brand.
Lifestyle
Refinement
“Through our business operations we aim to bring affluence into peoples’ lives, and contribute to
the advancement of culture.” Though this is the philosophy that created the Lifestyle Refinement
field, the Crystal division has continued to suffer from slow performance for the last few years. The
Company recognizes, however, the importance of the crystal business as a symbol of the Hoya
brand, and although the scale of the business is being cut back, the quality of the products is being
further improved, helping bolster the brand image.
16
Crystal
Hoya’s traditional crystal is crafted with
superior materials and cutting techniques
to produce world-class products of a
quality that is a source of pride for the
Company. Though Europe remains the
main source for high-quality crystal, the
Hoya brand has been recognized as the
representative crystal of Japan.
HOY A2003-e 0711 03.7.21 9:50 PM ページ 17