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 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:
ADVERTISEMENT
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.
This week’s round-up of global markets fashion business news also features Brazil’s JHSF, the Abu Dhabi Investment Authority and the impact of Taiwan’s earthquake on textile supply chains.
This week’s round-up of global markets fashion business news also features Dubai’s Majid Al Futtaim, a Polish fashion giant‘s Russia controversy and the bombing of a Malaysian retailer over blasphemous socks.
As luxury marketing hits saturation point in Dubai during the Muslim holy month, global brands are ramping up their local engagement in other Gulf cities including Riyadh, Abu Dhabi and Kuwait City.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.