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Biz News Korea(Eng)

Korean fast fashion brands show robust growth on consumer-friendly prices

Collected: 2023.12.29

Distributed: 2023.12.30

Source: Go Direct

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[Photo by Yonhap]

South Korean fast fashion brands are gaining popularity among thrifty consumers as they offer affordable alternatives amid high inflation.

According to sources from the retail industry on Thursday, SPAO, Korea’s home-grown fast fashion brand under E-Land Group, is projected to post 480 billion won ($372 million) in sales this year, up 20 percent from last year.

Sales of its popular pick Light Jacket surged by 357 percent in the first 11 months of this year from the same period a year ago. Sales of its fleece jumpers also increased by 52 percent and those of puffers 30 percent during the same period.

SPAO has been promoting a cost-friendly campaign this year by cutting or freezing prices of its products.

The brand, for example, lowered the price of its signature Warm Tech Everywhere underclothes from 15,900 won to 12,900 won per piece, which is the price at the time of launch in 2009.

SPAO aims to increase its customer touchpoints next year by expanding the number of stores to 145 next year from the current 108. It also plans to focus on store renovations and expand lineups for kids.

Topten, a fashion brand operated by Shinsung Tongsang Co., is projected to achieve record sales this year. The company already sold 1.3 million pieces of underwear products from January to November, marking a substantial 259 percent increase compared to the same period last year.

8 Seconds also saw sales rise by more than 10 percent in the January-November period compared to the previous year.

By Kim Hyun-jung and Han Yubin

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