Coway Opens Era of 5 Trillion Won Revenue with Dual Engines: BEREX and Global Expansion

Coway is on the verge of reaching the 5 trillion won annual revenue milestone. After joining the 4 trillion won club for the first time in 2024, the company appears to have achieved nearly 5 trillion won in revenue just one year later. The successful market entry of its sleep and healing care brand, BEREX, along with outstanding performance in the global market, is credited as driving this rapid growth.

According to financial information provider FnGuide on February 3, Coway’s consolidated revenue and operating profit for the previous year are estimated at 4.9652 trillion won and 905.3 billion won, respectively. This represents a 15.2% increase in revenue and a 13.8% increase in operating profit compared to the previous year. These results significantly surpass Coway’s management targets set at the beginning of last year, which were 4.586 trillion won in revenue and 845 billion won in operating profit. As of the third quarter, Coway had already posted cumulative revenue of 3.6882 trillion won, up 15.8% year-on-year, and operating profit of 697 billion won, up 13.9%. The market expects the final results, scheduled for announcement on February 5, to be largely in line with these forecasts.

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The main drivers behind these strong results are identified as BEREX and the global business. In December 2022, Coway launched the BEREX brand, expanding its business structure from traditional environmental appliances such as water purifiers and air purifiers to the sleep and healing care sector. Since then, BEREX products such as smart mattresses and furniture-type massage chairs have quickly established themselves as new revenue sources. Sales of BEREX products have grown by approximately 80% in the three years since the brand’s launch.

The steady expansion of directly operated stores last year was also a strategy to boost BEREX products. This is because customers need to sit or lie down on products like mattresses and massage chairs to fully appreciate their benefits. Since the launch of BEREX, Coway has increased the number of offline experience stores, called Coway Gallery, every year. Including the new locations scheduled to open this month, Coway is now operating 37 such stores.

Achievements in the global business are also noteworthy. As of the third quarter of last year, Coway’s overseas subsidiaries recorded sales of 1.3888 trillion won, up 19.9% from the previous year. Notable growth has been seen in key markets such as Malaysia, as well as in emerging markets like Thailand, which is now regarded as a new growth market. Coway explained that this growth in overseas subsidiary sales has become more pronounced since being incorporated into the Netmarble group. Compared to 2019, before becoming a Netmarble affiliate, overseas subsidiary sales have increased 2.4 times as of 2024. Over the past five years, the average annual growth rate has reached about 20%, and the share of overseas subsidiaries in total revenue has risen from about 8% before the Netmarble acquisition to over 35% today.

Coway analyzed that the achievements of BEREX and the global market are the result of strategic changes led by Bang Junhyuk, Chairman of Netmarble and Coway, who has overseen business strategy since acquiring Coway in 2019. His core strategies have included launching innovative new products through investment in research and development (R&D), discovering new businesses to secure future growth engines, and expanding global competitiveness. A Coway official stated, “This year as well, we will continue to introduce innovative new products, expand new businesses such as BEREX, and strengthen our global capabilities,” adding, “We aim to achieve an average annual revenue growth rate of 6.5% from 2025 to 2027.”

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