|Sign an MOU for strategic alliance with JOMOO, a Chinese company specializing in kitchen and bathroom systems||2019-02-15|
Coway announced that it had signed an MOU with JOMOO, a Chinese company specializing in kitchen and bathroom systems in December 2018.
JOMOO has ranked top in sales of bathroom devices in China for nine consecutive years. Last year, it also became the largest smart bidet and bathroom device seller during the Single’s Day by recording approximately 800 million RMB (KRW 136 billion) in sales. JOMOO demonstrates wide offline sales networks and services centers covering all over the country as well as top-notch R&D and manufacturing competence.
If a full-fledged strategic alliance is realized, it is expected that Coway can save time and costs necessary for developing localized products and building distribution and service networks and eventually enhance business competitiveness in China.
Ji-hoon Lee, the head of Global Retail Business Division, said, “We can see increasing needs for well-being home appliances in China and the proportion of buying water purifier and bidet through kitchen and bathroom device sales channels is on a rise. Therefore, successful strategic alliance will create synergy in the aspects of technology, brand power, and sales channel both companies have.”
The size of Chinese water purifier market in 2018 reached RMB 31.7 (equivalent to KRW 5.2 trillion), showing CAGR 15~20%. Chinese water purifier market is recognized for higher growth potential as currently the penetration rate of water purifier and bidet is relatively low.
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