Furthis Faces Deeper Challenges as Office Furniture Market Heats Up

Despite Rosy Outlook for Office Furniture Market, Performance Slumps
Will Leadership Change and Brand Renewal Lead to a Rebound This Year?
Fierce Competition From Industry Peers and New Entrants... Furthis Enters a Battle to Defend Its Position

The challenges facing Fursys, a dominant player in the B2B (business-to-business) office furniture sector, are deepening. Despite a positive outlook for the office furniture market, Fursys's performance has been on a downward trajectory. As the B2C (business-to-consumer) residential furniture market stagnates, major companies such as Hanssem and Hyundai Livart are entering the office furniture market, intensifying competition. Following a recent CEO change and with a brand relaunch scheduled for the second quarter, there is growing attention on whether Fursys can defend its market position.

According to the furniture industry on April 6, Fursys appointed Vice President Junghee Park as the new CEO at its annual shareholder meeting on March 27. As a result, Fursys has adopted a co-CEO system with Junghee Park and Sangdon Bae. Kwangho Park, who had overseen overall sales, stepped down just one year after being reappointed last year.

This personnel change is seen as a renewal move in response to a crisis. Last year, Fursys experienced both decreased sales and deteriorating profitability. In 2025, its consolidated revenue reached 358.2 billion won, down 7.7% from the previous year's 385.7 billion won. During the same period, operating profit and net profit plummeted by 73.3% and 25.4%, falling to 5.7 billion won and 35.6 billion won, respectively. New CEO Park now faces the critical task of working with CEO Bae, who oversees manufacturing, to restore market dominance.

While Fursys has faltered, giant comprehensive furniture companies have been stepping up their offensive. With the residential market slumping, Hanssem and Hyundai Livart, unable to find growth in the B2C sector, are now targeting the office furniture market as a new avenue for profitability.

This shift is fueled by the market's growth potential. Market research firm H&I Global Research forecasts that the Korean office furniture market will expand from 1.3 billion dollars (1.95 trillion won) in 2024 to 1.7 billion dollars (2.55 trillion won) by 2033. An industry insider commented, "From Fursys's perspective, it is concerning that their performance is stagnating while the market is expanding, especially as major competitors are now entering this growing market in earnest. The effort by these rivals to achieve economies of scale will likely intensify competitive pressures."

On April 2, Hanssem launched its first office furniture series, "Imagine," and opened a showroom at the Hanssem Flagship Nonhyeon location, signaling a full-scale entry into the market. Emphasizing a "home-like" concept, Hanssem plans to bring its design expertise, previously showcased in residential furniture, into office spaces. Their strategy is to offer customized total solutions for large enterprises, mid-sized firms, startups, and even small office/home office (SOHO) environments, broadening their target audience.

Hanssem Flagship Nonhyeon Office Furniture Exclusive Showroom. Hanssem

Hyundai Livart introduced its design-focused office furniture series "Emotion" on March 31. This series features vibrant colors and bold designs, setting it apart from the relatively understated aesthetics of Fursys. The company explained that this approach is aligned with the growing trend of "branded spaces," where office environments reflect corporate identity.

A Hyundai Livart representative stated, "There is a growing demand among companies for furniture with unique designs to express differentiated organizational cultures." Last year, the share of office furniture sales in Hyundai Livart's total revenue rose from 7.5% to 9.3%.

The rosy outlook for the office furniture market is also attracting companies from other industries. Morning Glory, a comprehensive stationery company seeking to diversify and improve profitability amid a stagnant stationery business, entered the market by launching office chairs in February. A Morning Glory representative said, "We plan to expand our furniture lineup with a focus on high-quality products in the future."

This content was produced with the assistance of AI translation services.