Cuckoo Homesys Overcomes COVID-19, Overseas Business Soars... Q3 Sales Reach 236.9 Billion Won

[Asia Economy Reporter Junhyung Lee] Home appliance company Cuckoo Homesys continues to grow overseas despite the impact of COVID-19.

Cuckoo Homesys announced on the 1st that its overseas subsidiaries recorded consolidated sales of 236.9 billion KRW in the third quarter of this year, a 50% increase compared to the previous quarter. The most remarkable growth was seen in the United States, where the corporation was established in August 2019. The third-quarter sales of Cuckoo Homesys' U.S. rental subsidiary increased by 90% compared to the previous quarter and by 53% compared to the same period last year. This was influenced by increased interest in hygiene appliances such as water purifiers and bidets in the U.S. due to COVID-19. Accordingly, Cuckoo Homesys focused on expanding its rental business by broadening its product lineup and services tailored to the lifestyle of American consumers.

This year, the company expanded its new branch network to Georgia, Seattle, Las Vegas, and Alabama. Within the year, it plans to expand sales channels to Oregon, Denver, and Boston. Next year, following the establishment of a Chicago branch, it will pursue entry into various regions including Miami. The company's goal is to capture the local rental market by targeting Korean residential areas and major cities distributed throughout the U.S.

In Australia, where a corporation was established in June last year, third-quarter sales increased by 193% compared to the previous quarter. Cuckoo Homesys attributes this to a steady increase in rental customers centered around the Korean community in Australia. The company plans to expand sales channels through large-scale distribution and online platforms. It is also preparing to launch air purifiers.

In India, third-quarter performance increased by 371% compared to the same period last year. The company is strengthening local customized promotions in India, where air purifier sales have significantly increased. According to the company, during the Hindu Diwali festival, which begins in early November every year in New Delhi, residents set off large amounts of fireworks, causing air pollution to reach its worst levels. Considering that air quality remains poor until February of the following year, Cuckoo Homesys plans to focus on promoting air purifier sales targeting the Diwali festival period.

A Cuckoo Homesys official said, “Despite COVID-19, we have achieved meaningful results in overseas business through locally tailored strategies and reached a cumulative account number of 1.2 million. We will continue to build a foundation for market expansion in the existing key Southeast Asian markets while maintaining strong performance in the U.S. and Australia.”