Coway (company)

Woongjin Group founded the company under the name Woongjin Coway in 1989. Beginning with water purifiers designed for the Korean market, Coway introduced its first product, the "Coway Water Purifier," in 1991. In 1992, the company launched the "COMPAC Water Purifier (CP-6025)" and expanded into air purification products by 1995. Coway was designated a venture company in 1998, having developed a previously less-established business sector in Korea. By 1999, the company held a leading share in South Korea's air purifier and water filter markets.

Coway's business model was based on a rental structure that assigned service employees, referred to as Cody and Codak, to visit customers approximately every two months. This model supported the company’s growth in both public and residential markets. Over time, the names Cody and Codak became informally used across the industry for similar roles.

In September 2003, Coway merged with DooWon Tech {{Cite web |date=2003-07-01 |title=웅진코웨이 두원테크 인수 |url=https://www.mk.co.kr/news/it/3098240 |access-date=2025-04-25 |website=매일경제 |language=ko}}and was ranked first in the Korean Industry Customer Satisfaction Index. Later that year, it received a No. 1 Quality Certification for its water purifier products.

In 2004, Coway was ranked first in brand power in the Korean industry for the sixth consecutive year, while its Cares (air purifiers) and LooLoo (bidets) products held the top position for two consecutive years. In 2005, Coway merged with Woongjin Coway Development and transferred its home appliance division to Woongjin EnTech. Previously, Woongjin Coway Development had absorbed Woongjin Media in 2001, although Woongjin Media was spun off again in 2003 and liquidated in 2006. In 2009, Coway absorbed Woongjin Cuchen, and in 2010, it acquired the business operations of Arte Re Cosmetics and the health food division of Woongjin Foods.

On February 6, 2012, Woongjin Group announced its intention to sell Woongjin Coway. MBK Partners was selected as the buyer but the transaction stalled after Woongjin Holdings entered court receivership in September 2012 due to financial difficulties. {{Cite web |date=2012-11-12 |title=Woongjin Coway's sale to MBK Partners resumes - The Korea Times |url=https://www.koreatimes.co.kr/business/companies/20121112/woongjin-coways-sale-to-mbk-partners-resumes |access-date=2025-04-25 |website=www.koreatimes.co.kr |language=en}}The sale was finalized in 2013 following court mediation, and the company was renamed Coway. During MBK's ownership, the company maintained a shareholder return ratio of approximately 88%, with a return on equity (ROE) around 30%.

In late 2018, Woongjin Group reacquired Coway for approximately 1.68 trillion KRW (1.4 billion USD), renaming it Woongjin Coway.{{Cite web |date=30 October 2018 |title=Coway goes back to its founder; Woongjin buys back at $1.5 bn |url=https://pulsenews.co.kr/view.php?year=2018&no=674075 |access-date=13 September 2021 |website=Pulse News |publisher=Maeil Business Newspaper}} The acquisition was financed through a combination of a capital increase, convertible bonds, and acquisition financing, leading to a significant increase in the group's debt ratio and a downgraded credit rating. Coway was put up for sale again in mid-2019. Several domestic conglomerates and private equity firms, including SK, Lotte, GS, Shinsegae, KKR, and Carlyle Group, were mentioned as potential buyers.{{Cite web |last=정혜인 |date=2019-07-31 |title='재매각' 웅진코웨이 오늘 예비입찰···SK·롯데·GS 등 거론 |url=https://www.newsway.co.kr/news/view?tp=1&ud=2019073108514773263 |access-date=2025-03-09 |website=뉴스웨이 |language=ko}}

Netmarble was selected as the preferred bidder in October 2019, offering over 2 trillion KRW.{{Cite web |date=27 December 2019 |title=Netmarble reaches deal to buy 25% of Coway |url=https://koreajoongangdaily.joins.com/2019/12/27/industry/Netmarble-reaches-deal-to-buy-25037-of-Coway/3071978.html |access-date=13 September 2021 |website=Korea JoongAng Daily}} By the end of October, Netmarble had secured shareholder approvals from CJ ENM and Tencent. The acquisition was completed for 1.74 trillion KRW (approximately 1.6 billion USD).

After the acquisition by Netmarble, Coway launched premium and wellness-focused brands such as "NOBLE" and "BEREX," aiming to diversify beyond the saturated water and air purifier markets in Korea. In 2021, Coway announced a brand partnership with BTS.{{Cite magazine |last=Chan |first=RS Editors,Tim |date=2021-11-30 |title=BTS Named Coway Brand Ambassadors as Part of Big Hit Partnership |url=https://www.rollingstone.com/product-recommendations/lifestyle/bts-coway-ambassadors-campaign-1143716/ |access-date=2025-04-19 |magazine=Rolling Stone |language=en-US}} The collaboration supported Coway’s efforts in expanding into international markets, including Malaysia, the United States, Thailand, China, Indonesia, Vietnam, Japan, and Europe.

At CES 2022, Coway introduced its new "NOBLE" series and the Smart Care Air Mattress.{{Cite press release |title=Coway Unveils New Smart Home Solutions at CES 2022 |url=https://www.prnewswire.com/news-releases/coway-unveils-new-smart-home-solutions-at-ces-2022-301454216.html |language=en |last=Ltd |first=Coway Co |access-date=2025-04-19 |website=www.prnewswire.com}}

By 2023, Coway reported reaching 10 million rental accounts globally, combining domestic and international customers. {{Cite web |date=2024-08-26 |title=코웨이, 총 렌탈 고객 1000만 계정 돌파 |url=https://www.lawissue.co.kr/view.php?ud=202408261647194461204ead0791_12 |access-date=2025-04-19 |website=로이슈}}

In February 2008, Coway R&D Center was built in Seoul National University’s Research Park. The center, built with an investment of approximately 58 billion KRW, equipped with advanced research instruments. Coway merged dispersed research facilities from Seoul, Incheon, and Gongju into this new R&D center.{{Cite web |date=2008-02-18 |title=웅진코웨이 서울대 R&D센터 준공 |url=https://www.segye.com/newsView/20080218000444}}

Coway's R&D center has been recognized as a CSA Qualified Witness Laboratory, a designated TÜV SÜD testing laboratory, a TSP (Technical Service Provider) by WQA (Water Quality Association), an international testing laboratory with accreditation from KOLAS (Korea Laboratory Accreditation Scheme), and a drinking water quality inspection agency by South Korea’s Ministry of the Environment.{{Cite web |title=TÜV SÜD, 코웨이 환경기술연구소에 TÜV SÜD 지정 시험소 인정 |url=https://www.tuvsud.com/ko-kr/press-and-media/2023/january/coway-act-certificate |access-date=2025-05-04 |website=TÜV SÜD |language=ko-kr}}

As of April 2025

As of April 2025

The key trends for Coway are (as of the financial year ending 31 December):http://www.cowayir.co.kr/fileupload/kor/IrPresentation/2025_Coway_Overview_Kor.pdf

The company has been recognized with several awards, including the Red Dot Design Award for 17 consecutive years.{{Cite web |last=Herald |first=Korea |date=2021-05-09 |title=Coway bags Red Dot, iF design awards for innovative home appliances |url=https://www.koreaherald.com/view.php?ud=20210509000082 |access-date=2023-08-25 |website=The Korea Herald |language=en}}{{Cite web |date=2023-04-18 |title=Coway Wins Red Dot Design Award for 17th Year in a Row - Direct Selling News |url=https://www.directsellingnews.com/coway-wins-red-dot-design-award-for-17th-year-in-a-row/,%20https://www.directsellingnews.com/coway-wins-red-dot-design-award-for-17th-year-in-a-row/ |access-date=2023-08-25 |website=www.directsellingnews.com |language=en-US}}

In 2023, Coway also received accolades at the iF Design Awards.{{Cite web |date=2022-03-15 |title=14 Best Air Purifiers for Clean Breathing (2023) |url=https://www.architecturaldigest.com/story/best-air-purifiers-we-tried |access-date=2023-08-25 |website=Architectural Digest |language=en-US}}{{Cite web |title=Coway Wins iF Design Awards 2023 - PR Newswire APAC |url=https://en.prnasia.com/story/402016-0.shtml |access-date=2023-08-25 |website=en.prnasia.com |language=en-us}}

As of recent data, Coway's stock price stands at $31.18, with a revenue of $2.96B (TTM) and a net income of $342M.{{Cite web |title=pitchbook.com/profiles/company/54055-27 |url=https://pitchbook.com/profiles/company/54055-27}} Its growth rate has been recorded at 0.80%. In Q4 of 2022, the company reported a revenue of KRW 980.2B, marking a 3.6% increase YoY. For the same year, its overseas revenue for Q4 was KRW 360.6B, a significant 19.6% growth YoY. In Q2 of 2023, Coway reported financial growth with a revenue of KRW 1,006.2B, marking a 2.9% increase YoY.{{Cite web |title=COWAY Co., Ltd. (021240.KS) Stock Price, News, Quote & History - Yahoo Finance |url=https://finance.yahoo.com/quote/021240.KS/ |access-date=2023-08-25 |website=finance.yahoo.com |language=en-US}} For ~27' Mid-Term Business Target, Coway targeted a posting revenue of more than KRW 5 trillion in 2027, which is 6.5% increase YoY

In 2016, three of Coway's ice cube maker models were discovered to leak trace amounts of nickel into its water. Allegedly, the company attempted to hide the defect from customers for a year.{{Cite web |url=http://www.koreaherald.com/view.php?ud=20160707000557 |title=Coway recalls water purifiers containing nickel |website=The Korea Herald |date=2016-07-07 |access-date=2022-04-04}} Coway was forced to recall models from an estimated 87 thousand customers in 2016, and several clients moved to file lawsuits against the company.{{Cite web |url=http://koreabizwire.com/consumers-moving-to-take-legal-action-against-coway/60515 |title=Consumers Moving to Take Legal Action against Coway |website=The Korea Bizwire |date=2016-07-07 |access-date=2022-04-04}} Coway's CEO at the time, Kim Dong-hyun, was brought to resign from his position following the controversy as well.{{Cite web |url=https://koreajoongangdaily.joins.com/2016/09/20/industry/Coway-CEO-to-resign-for-selling-defective-water-purifiers/3023955.html |title=Coway CEO to resign for selling defective water purifiers |website=Korea JoongAng Daily |date=2016-09-20 |access-date=2022-04-04}}

In June 2020, Coway’s field technicians launched a strike over visit fees, job security, and work-related expenses. In September 2021 they made an agreement was eventually reached—including full-time employee conversion, wage increases, and support benefits{{Cite web |date=2022-10-11 |title=인수한 넷마블과 코웨이 노동자들의 파업 |url=https://yaongcat.tistory.com/19 |access-date=2025-04-26 |website=일상야옹 |language=ko}}

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Category:South Korean companies established in 1989

Category:Companies based in Seoul

Category:Electronics companies of South Korea

Category:Companies listed on the Korea Exchange

Category:Companies in the KOSPI 200