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Philips Hue parent company Signify announced restructuring and layoffs

2024-05-23 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >


Shulou( Report--, December 17 (Xinhua)-- Signify, the company behind the Philips Hue intelligent lighting brand, announced that it will restructure its business amid "continued market volatility and uncertainty" to create a "new customer-centric architecture" and plans to save about $218 million a year ( Note: currently about 1.552 billion yuan).

Signify announced the news on its website earlier this month. This week, the company confirmed to The Verge that "layoffs will be part of this restructuring". "change has begun and is expected to be completed in the first half of 2024," said Eric Rondolat, chief executive of Signify.

As part of a broader restructuring, Signify says it divides the business into four different divisions:

Professional business: LED lights, lamps and lanterns, interconnected lighting systems and services will be provided to customers in professional areas.

Consumer business: LED lights, fixtures and connection products will be provided to customers in the consumer sector, including Philips Hue and WiZ.

OEM business: lighting components will be provided for the industry.

Traditional business: will provide special lighting, digital projection, traditional lamps and lanterns electronic products.

While the structure of these four categories is still relatively broad, Signify's press release seems to suggest that its main focus will be on the consumer business, including Philips Hue and WiZ.

"in view of the new customer-centric structure, we will further adjust the size of the central organization and reduce costs to support the company's performance amid continued market volatility and uncertainty," the company said in a statement. these changes have begun in the fourth quarter of 2023 and will be implemented in 2024, most of which will be completed in the second quarter and are expected to save more than 200 million euros a year. "

Philips Hue is one of the longest-standing supporters of Apple's HomeKit platform. The company also made it clear that it plans to be a staunch supporter of future Matter smart home standards.

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