As it becomes customary to buy beds and furniture as a package in Korea, large furniture manufacturers are rushing in to the bed market. (image: Kobizmedia)
SEOUL, Korea, April 18, 2014 (Korea Bizwire) – In Korea, a bed is not just furniture. “It is science.” With the ad copy stressing its scientific design for good sleep, Ace Bed, a furniture manufacturer, grabbed the No. 1 bed manufacturer title in one fell swoop.
Until now, the bed market in Korea has been led by Ace Bed and Simons Bed, the latter run by a brother of the Ace Bed chairman, with more than 40 percent of market share. However, as more players are joining with high-tech mattresses, fierce competition is expected in the 500 billion won market.
As it becomes customary to buy beds and furniture as a package in Korea, large furniture manufacturers are rushing in to the bed market. On April 17, Korea’s No. 2 furniture manufacturer Hyundai LivArt challenged the market by rolling out a “enSleep” mattress brand. Prior to LivArt, Hanssem, Korea’s largest furniture maker, and Casamia, a mid-sized furniture maker, also joined market.
In cooperation with the world-renowned French mattress maker Spring Air, LivArt developed the enSleep (enjoy sleep) mattress with a special feature splitting body weight through placing two kinds of undulating pocket springs following the curvature of the body.
Hyundai LivArt challenged the market by rolling out a “enSleep” mattress brand. (image: enSleep by LivArt)
An official at LivArt said, “As the income level rises, people are much more interested in the quality of sleep. Now they do not pick beds based on brand alone. Rather, they value functionality more.” The company aims to earn 20 billion won in sales this year and targets 50 billion won in sales by 2017.
Earlier this month, Ace Bed rolled out a “new hybrid tech” mattress made of “Hybrid Z Spring” for which the company invested 10 billion won for the last 16 years. It combined the advantage of independent springs which split pressure to skin and linking springs which backs the whole body flexibly.
Hanssem which joined the market in 2012 adopted a package sale strategy with other furniture while discounting the price of its bed to 20-30 percent. It recorded more than 60 billion won of sales revenue last year, twice higher than that from 2012.
An industry official said, “The bed market used to be an impenetrable fortress claimed by the two brothers’ bed companies. However, as challengers with strong price competitiveness and technology joined in the market, there will be a chance for a change in the market.”
Written by John Choi (johnchoi@koreabizwire.com)
Lifestyle (Follow us @Lifestylenews_Korea)
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