Goh Miah Kiat, CEO of Karex Bhd
As CEO of Karex Bhd, a 30 year-old family business that is listed on the Main Market of Bursa Malaysia, Goh Miah Kiat is known for his innovative way of thinking, his ability to strategise and his entrepreneurial excellence — elements all of which have contributed to the catapulting of Karex to become the world’s largest condom manufacturer.
On his test-drive with the new S 450, Miah Kiat has this to say: “It’s definitely nice. It is an S-Class, after all. It has the acceleration you want but my favourite thing would be the wireless charger!”
“I am actually the third generation of my family to be driving the S-Class,” Miah Kiat lets on. “My grandfather had a 380 SE in the early 1980s and my wedding car was a vintage S 600 from the 1950s, which I had rented for the chip san leong (fetching the bride) ceremony.”
On the secret of his success, he chalks it all down to a single quality: creativity. “That’s what it’s all about in the end,” he says.
“And I balance creativity with the ability to creating value; not just for the company, but also our customers, our shareholders and the community. After all, we are a condom company and it’s hardly a new product. Condoms have been around for over a century, from the time the first rubber condom was produced in 1855.
“It’s a hundred-over year-old product and there are so many known brands who are market leaders. In order to succeed or to emerge as a formidable new contender, I believe creativity is paramount.”
Certainly this is displayed in the way Karex does business.
When things seemed almost bleak for the family’s rubber-processing business in the wake of the 1980s global commodities crash, the Goh gene for adaptation (Goh Leng Kian, the executive director of technical and R&D at Karex and Miah Kiat’s uncle is himself a talented inventor) resulted in the now-fortuitous move to switch to condom manufacturing instead.
Joining the family firm in 1999, fresh from university in Sydney, Miah Kiat immediately set about realigning the business. It is to his credit that, under his watch, the business’ trajectory chart climbed sharply upwards over the years, growing from an average of RM7 million in sales to RM350 million.
“The question I always ask myself is: how do you attract customers to your product,” Miah Kiat goes on.
In terms of product magnetism, Karex’s creative streak has been shining particularly bright, with annual releases of much talked-about flavours — from durian to nasi lemak over the past two years and, now, for 2018, teh tarik — as well as eye-catching packaging and artistic collaborations all over the world, including with Tom of Finland.
“And besides the packaging and concept, I want people to be more comfortable talking about something that is basic, simple and essentially a life-saving product, a medical device.
“Why should it be taboo? It’s about making a healthier, better choice.”
Product diversification is also strong on the Karex agenda, with a portfolio of other medical devices including ultrasound probe covers, catheters, lubricating jelly and dams, a latex covering targeted at the W2W (woman-to-woman) market, although condoms remain the primary income generator — contributing a whopping 93% to revenue.
Engagement is also another factor that is crucial for success, points out Miah Kiat.
“We have a Friday morning breakfast culture at Karex, where we serve complimentary nasi lemak and teh tarik so we can all get together to brainstorm or chat on our numerous activities, from our annual Art Against Aids auction to working with NGOs.
“You don’t really understand the plight of others until you are involved or work with them somehow. We also cannot look at ourselves as just a condom-maker.
“We want to create value, to help others, to promote the arts ... success is also about making use of the opportunities made available to us in the best possible way,” says Miah Kiat.
“And this also includes making work more meaningful for our employees. Yes, income is important and paying the bills is important but business, good business, needs purpose and common goals that better peoples’ lives!”
This article first appeared on Sept 3, 2018 in The Edge Malaysia.
