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 mobile messaging app operator is looking to duplicate the US tech and retail giant’s success by growing its business into online shopping, fintech, media content and logistics, The Korea Times reports.
Kakao will announce its first quarter results this Thursday; experts forecast that it will report a 43 percent rise in sales to 1.24 trillion won ($1.1 billion) and a 74 percent increase in profit to 153.8 billion won ($136.8 million), according to The Korea Times.
Though Korea has its fair share of tech firms building out multi-platform empires, Kakao could come out on top thanks in part to its messaging app, which has more than 46 million monthly active users, as well as growth across its e-commerce, media and ride-hailing businesses. Recently, the firm announced its acquisition of Croquis, the operator of fashion e-commerce player ZigZag, which creates personalised shopping experiences with an AI algorithm.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.
Spurred by rapid growth in the pure luxury market, global brands operating in lower-priced segments like contemporary fashion are entering the country or accelerating expansion plans.
This week’s round-up of global markets fashion business news also features India’s textile industry, Chinese beauty major Yatsen and Ghana’s newest garment factory.
Luxury fashion retailers in the oil-rich African nation keep a low profile to provide a discreet shopping environment for consumers and avoid flaunting the elite nature of their own business.