Using the CCD camera on the Canada-France-Hawaii Telescope, color-magnitude (C-M) diagrams were obtained for brightest stars of the Local Group dwarf elliptical galaxy M32. Both the I vs (V-I) and I vs (R-I) CCD C-M diagrams reveal a red population of stars, the brightest of which resolve at I of about 19.5 mag. Data on the (V-I) and (R-I) colors indicate that the mean metallicity of M32 is greater than that of the most metal-rich Galactic globular clusters. A discontinuity in the I band luminosity function of the M32 was observed, which, if the distance modulus of M32 is comparable to that of M31, is consistent with the appearance of the tip of the first red giant branch in this galaxy. 37 refs.