Speaking to The Irish Times at the EY World Entrepreneur of the Year awards in Monaco recently, Goh, who is chief executive of Karex, the world’s largest condom manufacturer, said, “Selling condoms is really about saving lives, and 1½ grams of rubber can change the world, so doing this has given me a mission.”
This “mission” however came about as a twist of fate when Goh reluctantly entered the family business in 1999, after cutting short his eduction in Sydney, Australia, when his father died unexpectedly.
“My dad’s original intention was for me not to go into the business, and it was really more of an obligation that brought me into it. I couldn’t have possibly imagined then that this obligation would turn out to be something I’d end up loving doing, but it did.
And so great was Goh’s love for selling condoms, that in its last financial year, Karex recorded revenues of US$92 million (RM394.82 million) and was responsible for nearly 17% of all condoms made globally, The Irish Times said.
Last year Karex produced about five billion for export to more than 120 countries with targets of seven billion by year end, a monumental leap from its three billion a year prior to its listing on the main Malaysian stock exchange in late 2013.
Goh said that contraception in general was once a taboo subject, especially in Malaysia, but that things changed when the HIV/Aids crisis hit globally. Also the world’s young population has proven to be a big market for them.
“Some 50 per cent of the world’s population is below the age of 25 years so there’s a huge market out there for us,” The Irish Times quoted him as saying.
“Research has shown that in Africa, for example, just 25% of people use condoms in sexual intercourse. That really has to be brought up to at least 75%,” he said.
Innovation plays a major role in the condom industry, Goh said, explaining that different preferences in shapes, sizes, textures and materials used meant condoms have undergone revolutionary changes in recent years.
“No one walks into an ice cream parlour and just wants vanilla any more. People want different variations and it is the same with condoms. In mature markets people are no longer as focused on safety, it is all about pleasure.
“In addition, women are now bigger buyers of condoms and they don’t necessarily want the same things as men. Asia, meanwhile, is a huge market for extremely thin condoms,” Goh explained.
Apart from producing condoms for Durex, Karex has its own brands and last year, acquired the UK’s largest condom maker, Pasante, for £6 million (RM33.65 million).
Goh is also venturing into e-commerce, which he views as a key area for growth.
“Men come in all shapes and sizes, though, and so now through us online they can buy condoms in the same way that women buy bras. They can download a measuring device that lets them measure their length and girth to find the right size and then order condoms through us,” he said.
He said e-commerce was a viable business option considering that Karex offered 66 sizes of custom-fit condoms but no retailer would stock them all. “So online is a good place to sell them.”