'Gyowon Wells' Slows After Rapid Growth... Launches 'Lifestyle Customized Solutions' Initiative

Centered on Wells The One Water Purifier
Comprising 5 Categories Including Water and Air
Products to Be Sequentially Released in Q4

Kyowon Wells 'The One' System Water Purifier (Photo by Kyowon Group Wells Homepage)

[Asia Economy Reporter Kim Daeseop] Kyowon Group has initiated the establishment of a 'lifestyle customized solution' lineup as a solution to recover growth in the second half of this year, amid a slowdown in the growth of the Wells business division.

According to Kyowon Group on the 31st, sales of the Wells business division in the first half of this year increased by 4.9% compared to the same period last year. Compared to the 36.5% increase in sales of the Wells business division in the first half of last year, this figure shows a relatively decreased growth rate this year.

Wells is Kyowon Group's lifestyle and health home appliance brand, producing and selling water purifiers, air purifiers, bidets, and plant cultivators. The net increase in Wells rental accounts in the first half of this year was 60,000. This is a decrease from the net increase of 70,000 rental accounts in the first half of last year. The cumulative Wells rental accounts surpassed 760,000 in the first half of this year. The goal is to exceed 1 million cumulative accounts by the end of the year.

Sales of the Wells business division last year recorded 215.4 billion KRW. The sales target for this year is 245 billion KRW, a 13.7% increase compared to the previous year. Kyowon Group plans to introduce lifestyle customized solution-linked products centered on the 'Wells The One' system water purifier to recover growth in the Wells business division in the second half of this year.

The Wells lifestyle customized solution consists of five categories: water, air, living environment, kitchen, and biorhythm, with product lineups to be sequentially unveiled from the fourth quarter. The Wells The One product, which will be used as a weapon to recover growth in the second half of this year, is a premium water purifier launched in January last year. It accounts for more than 10% of total Wells water purifier sales up to the first half of this year, emerging as a key product model in the Wells business division.

Although the growth of the Wells business division slowed in the first half of this year, water purifier sales surged. Water purifier sales in the first half of this year increased by 37.6% compared to the same period last year. With the expansion of the built-in water purifier market, Wells The One sales are expected to increase further.

Kyowon Group is focusing on increasing the sales proportion of non-education business divisions centered on the Wells business. The group's sales target for this year is 1.7 trillion KRW.

A Kyowon Group official said, "Regarding the lifestyle customized solution, we plan to provide optimized convenience for users' lifestyles through linkage between products using hygienic water centered on the Wells The One water purifier."

This content was produced with the assistance of AI translation services.