18 Feb 2020,
City Coin Laundry Sdn Bhd, the largest launderette operator in Malaysia, has been in expansion mode since last year. It has a market share of 25%, but that is not good enough for founder and CEO Paul Ang. To achieve its objectives, the company launched the LaundryBar Investment Scheme in November to raise funds from the general public.
“We want to dominate the local market just as MR. DIY dominates the household electrical and hardware retail market. The business we are operating is a profitable one and there is a lot of room for improvement,” says Ang.
City Coin Laundry is the operator of the LaundryBar brand. Its expansion plans stem from Ang’s confidence that there are a lot of opportunities for growth in the industry.
He points out that only 8% of the population currently uses launderettes, based on a rough estimate using data provided the Companies Commission of Malaysia. “I believe the industry can grow 2% annually in the next few years. The demand will increase as existing cities become more mature and new cities come up.”
Source: The Edge Market
