[중견가전 리포트] K-렌탈 훨훨 나는데…쿠쿠, 해외법인 완전자본잠식

Cuckoo HomeSystems' strategy to expand its rental business into overseas markets is unraveling, with rental export revenues collapsing 72% over two years and multiple foreign subsidiaries trapped in negative equity. The company's losses in India, Singapore, and the US expose the fundamental challenge of exporting the Korean rental model—requiring 5-8 years of upfront infrastructure investment and consumer education before profitability, creating unsustainable capital burn. Even Malaysia, the only profitable market, is failing to impress investors; its stock has plummeted 58% from IPO price, signaling skepticism about growth prospects in a maturing market.