Coway sets its sights on Malaysian expansion

Management, Cody managers and cody at Coway’s Malaysia unit take a group photo after the water purifier rental company unveiled its vision for growth. [COWAY]

Coway unveiled its vision for growth Monday as it celebrated the 10th anniversary of its Malaysia unit.

The nation’s leading home appliance rental company set a goal for itself to obtain more than 600,000 customers by 2017. The number of customers who rented water purifiers in Malaysia surpassed 30,000 in the first quarter. Coway is currently Malaysia’s top water purifier rental service.

The company plans to increase the number of maintenance workers(Cody and Service Technicians) and salespeople in Malaysia, now at 1,500 and 3,500.

“We have been continuing to grow in Malaysia on the back of our understanding of the society and marketing strategies optimized specifically for the market,” said Kim Yong-sung, director of Coway.

Since it was established in 2006, Coway’s Malaysia unit has posted an annualized average growth rate of 118 percent. Its revenue last year was 336 million ringgits ($82.5 million), up from 260 million ringgits a year earlier.

In 2011, Coway earned halal certification in Malaysia, leading to a spike in Muslim customers.

BY SEO JI-EUN [seo.jieun@joongang.co.kr]