[Exclusive] Persys Targets Global Market... 80 Billion Investment in Overseas Corporations

Investment in 'Fursys America' Established Last December
Board Approves Additional Investment in Vietnam Subsidiary
Seeking 'Two-Track' Growth Engines in North America and Asia

Office furniture specialist brand Fursys is accelerating its efforts to enter overseas markets. To target the North American market, it established a U.S. corporation and invested a total of 80 billion KRW to expand its production base in Southeast Asia. The strategy is to secure growth momentum by boosting overseas sales amid domestic economic downturn and weakening demand for office furniture.

According to industry sources on the 1st, Fursys held a board meeting last February and decided to invest 6 million USD (approximately 8.8 billion KRW) in its U.S. subsidiary, 'Fursys America.' Established in December last year, Fursys America is the second overseas corporation set up by Fursys and serves as an advanced base for targeting the U.S. market.

At the same board meeting, the agenda to transfer North American regional sales rights to Fursys America was also approved. A company official explained, "The investment funds will be used as initial operating capital after the corporation’s establishment to build a foundation for strengthening entry into the North American market," adding, "We plan to establish a local-centered rapid decision-making system to enhance market responsiveness."

Along with investment in North America, Fursys is also strengthening its production base in Southeast Asia. It has invested a cumulative 48 million USD (approximately 70.6 billion KRW) in its Vietnam subsidiary, 'Fursys VN.' Established in 2019 in Ho Chi Minh City, Fursys VN is a 3,600-pyeong (approximately 11,880 square meters) production base that serves as a manufacturing and export hub for the group’s products entering the Southeast Asian market. Fursys stated, "We plan to construct two new factory buildings and one warehouse, with funds to be disbursed in phases."

The overseas corporate investments are interpreted as a reflection of the company’s determination to find a growth breakthrough through expanding overseas business amid stagnation in the domestic furniture market. In particular, it is actively implementing a 'two-track strategy' centered on Asia and North America.

Fursys also reorganized its overseas business division, which had been operated as the Multinational Business Team until last year, into the 'Pan-Pacific Business Development Team' and the 'Global South Business Development Team.'

Results are also emerging. North American sales nearly doubled from 6.4 billion KRW in 2022 to 7.3 billion KRW in 2023, and further to 13.7 billion KRW last year. Sales in the Asian region also grew from 4.7 billion KRW in 2023 to 8.4 billion KRW last year. Considering that Fursys’s overall sales growth rate during the same period was only 6.3%, the growth in overseas markets stands out.

Currently, Fursys’s overseas sales account for about 8% of total sales, but the company aims to increase this to 50% in the future. To this end, it is strengthening global marketing by participating in 'Design Day,' the largest office furniture exhibition in North America, and is expanding local distribution networks. A Fursys official said, "We will enhance competitiveness and brand value in overseas markets through the expansion of our global production and sales network."