The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The South Korean retail giant announced its net income for the July-September period of 2021 hit 188.9 billion won (around $160.4 million) on a consolidated basis, a sharp uptick from the 858 million won ($728,638) in profits it reported last year, The Korea Herald reports.
Operating income increased 307.1 percent year-on-year to 102.4 billion won ($86.9 million), while sales revenue rose 37.3 percent to 1.67 trillion won ($1.4 billion) during the quarter.
The company attributed its performance to pent-up demand and strong sales in its department stores, which saw sales increase 15 percent year-on-year. Luxury goods and foreign brands enjoyed sales boosts of 32.7 percent and 29.7 percent respectively.
Learn more:
Shinsegae Posts Record Q2 Operating Profit on Strong Luxury Demand
Local streetwear brands, festivals and stores selling major global labels remain relatively small but the country’s community of hypebeasts and sneakerheads is growing fast.
This week’s round-up of global markets fashion business news also features Senegalese investors, an Indian menswear giant and workers’ rights in Myanmar.
Though e-commerce reshaped retailing in the US and Europe even before the pandemic, a confluence of economic, financial and logistical circumstances kept the South American nation insulated from the trend until later.
This week’s round-up of global markets fashion business news also features Korean shopping app Ably, Kenya’s second-hand clothing trade and the EU’s bid to curb forced labour in Chinese cotton.