Coway gunning for growth with new products

New addition: Choi (second from left) and Kim with some of the products that the company says will help boost its performance in Malaysia.

SOUTH Korean home-wellness appliances manufacturer Coway says it has been seeing a 20% increase in revenue every year in Malaysia.

Coway (M) Sdn Bhd managing director Kyle Choi Ki Ryong said the company would maintain that momentum this year by launching at least five to seven new products, to drive the growth of Coway in Malaysia.

He said the launch of new products would help the company increase sales by 30% from last year.

Choi said some of the products would be launched by the middle of the year while the others would follow later.

Besides premium water purifiers, Coway will introduce high-tech hybrid water purifiers that are new to the Malaysian market.

These new water purifiers will also enable consumers to make coffee, soda and sparkling water.

“We believe this launch will change the perspective of Malaysians towards home appliances and change their spending patterns,” said Choi.

Coway will also launch a more affordable water purifier series with a nano filtration system.

Last year, Coway Malaysia launched its Juicepresso line of slow juicers and successfully hit sales of over 10,000 unit in a month. Choi said this indicated the company’s popularity in Malaysia.

“Coway achieved sales revenue of RM268mil and operating margin of 9.5% while growing our customer base to 210,000 accounts last year, thanks to the addition of new product lines and models of premium water purifiers and air purifiers,” said Coway Overseas business executive director Kim Yong Seong.

Kim said at this rate, Coway was expecting to become the leading water purifier brand in Malaysia in two years.

Choi added that by 2017, the company aimed to hit a target of 500,000 customers, revenue of RM600mil, and 20% operating margin.

Beyond just growing its sales numbers, Coway Malaysia says it will also look to contribute to Malaysian society by creating up to 5,000 full-time job opportunities for Malaysians.

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