"Aiming to Surpass Ace and Simmons" Coway Posts 365.4 Billion Won in Bed Sales

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[Financial News] Coway has set a new milestone in the industry by recording annual bed sales of 365.4 billion won. Fifteen years after entering the bed market, some observers say the company could overtake Ace Bed and Simmons, the sector’s two dominant players.
Coway announced on the 9th that its bed business generated 365.4 billion won in revenue last year, up 15.4% from a year earlier. Since launching its mattress rental service in 2011, the company is now, 15 years on, poised to stand shoulder to shoulder with traditional heavyweights such as Ace Bed and Simmons.
The current environment for the bed industry is far from easy. In 2024, Ace Bed and Simmons posted annual sales of 326 billion won and 329.5 billion won, growing only 6% and 5% year-on-year, respectively. Ace Bed even saw negative growth, with cumulative sales for the third quarter falling 0.7% from a year earlier to 237.8 billion won. Coway, by contrast, has maintained double-digit sales growth over the past three years.
For many years, the bed market has been dominated by a duopoly of Ace Bed and Simmons. As a latecomer, Coway entered the fray in 2011, putting forward a rental business model that existing bed makers did not offer.
Coway’s mattress rental service, the first of its kind in Korea, reshaped consumer behavior in the bed market. It also raised awareness of the need for regular hygiene management and professional care, helping the company rapidly build a customer base. Coway then broadened its lineup by introducing a wide range of standard mattresses and frames, allowing customers to choose optimal products tailored to their sleep habits, lifestyle, and preferences.
On top of that, the company quickly built a full lineup that spans all price points, from entry-level models to premium hotel-style beds and cutting-edge smart mattresses, further expanding customer choice.
Industry watchers say customer inflows are accelerating as Coway combines its sleep-tech capabilities with its "BEREX" brand. Bang Jun-hyuk, chairman of Netmarble and Coway, has stressed the need to develop new businesses to secure future growth engines, boldly expanding the company’s portfolio beyond its traditional focus on environmental home appliances such as water purifiers and air purifiers into the sleep and healing-care space.
Centered on smart mattresses and furniture-style massage chairs, BEREX made an immediate splash when it launched in December 2022 and has since become one of Coway’s core revenue drivers. Within three years of the brand’s debut, consolidated sales more than doubled, marking rapid growth. In 2024, the company also entered Malaysia, moving to expand into overseas markets.
Thanks to these efforts, Coway’s bed division sales have grown steadily from 24 billion won in 2012, achieving an average annual growth rate of 23% through last year. As a result, the company is now in a position to challenge for the top spot in the domestic bed market.
A Coway representative stated, "Our innovations, which have reshaped the bed market and set new standards, have resonated with consumers and driven strong growth momentum." The representative added, "We will continue our solid performance centered on the BEREX brand and aim to become the number one player in the bed industry as well as an emerging global powerhouse."
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butter@fnnews.com Kang Kyung-rae Reporter