Shinsegae Posts Record Q2 Operating Profit on Strong Luxury Demand

Shinsegae department store. Shutterstock.

The South Korean retail giant recorded 96.2 billion won ($83 million) in operating profit for its fiscal quarter ending June, a U-turn from the 48.5 billion won ($41.5 million) in losses it suffered during the same period last year, Pulse News reports.

The group saw revenue hit 1.39 trillion won ($1.2 trillion) — a 5.7 percent increase from Q1 and 37.6 percent surge year-on-year. Its department store arm also reported its largest-ever second quarter operating profit; revenue was up 15 percent due to high demand for luxury and fashion.

Meanwhile, its fashion arm Shinsegae International, which distributes the likes of Celine, Acne Studios and Stella McCartney locally, saw sales of cosmetics and overseas fashion brands jump 44.6 percent and 15.9 percent respectively.

Learn more:

A Guide to South Korea’s Booming E-Commerce Market

The pandemic set off an online shopping frenzy in what was already one of the world’s most digitally savvy countries. Here’s what brands need to know.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *