‘Leggings’ that have become daily clothing, look to Japan… Aiming at overseas markets as well as domestic growth
Local leggings brands, which are growing day by day in the domestic market, are actively targeting the Japanese market. With the outbreak of Corona 19 as a starting point in Korea, leggings have taken their place from ’embarrassing sportswear’ to ‘living fashion’ and continue to grow explosively, leading to a new market dominance.
According to the industry on the 7th, Brand X Corporation, which operates Korea’s No. 1 leggings brand Xexymix, recorded 172.7 billion won in consolidated sales and 10.8 billion won in operating profit last year. They increased by 24.7% and 35%, respectively, compared to the previous year. Its sales, which stood at 64 billion won in 2019, nearly tripled in two years.
As such, leggings have been established as daily clothing not only for celebrities but also for the general public, continuing steady sales growth. As a result, the industry is turning its attention to the overseas market beyond the domestic market.
Currently, domestic leggings makers are focusing on Japan. This is because the Japanese market is large enough to occupy the second place in the world after the United States. According to the industry, the domestic athleisure (sportswear) market, centered on leggings, is worth 3 trillion won as of 2020, while the Japanese market is 4 times larger than this, reaching 12 trillion won.
Domestic companies are opening stores in Japan and strengthening marketing to target the local market. The domestic athleisure brand Xexymix established a Japanese corporation in 2019 and entered department stores and large shopping malls. This year, it is expected to operate pop-up stores in Yokohama and Shibuya, Tokyo. The sales of Xeximix Japan last year were only about 2.6% of sales in Korea, but this year’s Rakuten sales increased by more than 1.6 times compared to the same month of the previous year, showing steady growth.
Mullaware also opened its own store in Japan in April. Following the ‘Centera Stenmonkan’ in Kagoshima early last month, it recently opened its own store in ‘Kameido Clock’ in Tokyo. All of them are located in a recently opened large complex shopping mall. It is interpreted that the reason leggings makers are entering Japan is to secure a new growth engine in Japan along with domestic growth.
According to the electronic disclosure of the Financial Supervisory Service, Brand X Corporation, which operates the leggings brand ‘Xexi Mix’, recorded 172.7 billion won in consolidated sales and 10.8 billion won in operating profit last year. Compared to the previous year, sales increased by 24.7% and operating profit by 35%, respectively. Sales of 64 billion won in 2019 have nearly tripled in two years. The same goes for Andar. Andar’s sales last year recorded 114.4 billion won, an increase of 51% compared to the previous year. However, operating profit was a loss of 10.6 billion won.
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