Shinsegae International (031430) announced on the 11th that it recorded an operating profit of 33.1 billion won on a consolidated basis in the first quarter of this year. This is a 55% increase compared to the same period last year.
Sales during the same period were 352.2 billion won, up 3% from the same period last year. As a result, Shinsegae International achieved the best performance in its history as of the first quarter.
In particular, it showed growth centering on imported fashion such as luxury goods and its own fashion brands. The company explained that imported fashion sales increased by more than double digits compared to the same period last year due to the growing demand for premium golf wear and the preference for luxury and contemporary brands among young people.
Since last year, their own fashion brands have been cleaning up inefficient brands and stores and planning new products tailored to the MZ generation through data analysis, which led to earnings improvement. In the case of self-branded studio Tomboy, operating profit in the first quarter increased by 725% compared to the same period of the previous year.
In addition, sales of Swiss Perfection, its own cosmetics brand, increased by 130% compared to the same period last year. Swiss Perfection is set to enter major duty-free stores in China in the second half of this year.
In the self-sufficient business unit, sales increased by 5.4% compared to the same period last year thanks to the expansion of e-commerce channels. In the first quarter of its own online mall SI Village, the transaction amount increased by 31% compared to a year ago.
SI Village plans to focus on increasing new members and loyal customers with a large-scale renewal in the first half of this year.
An official from Shinsegae International said, “We will be able to continue our growth in the second quarter as we are actively exploring new businesses and showing good results in our own fashion and beauty brands along with imported brands.”
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