Castelbajac Appoints Kwon Youngsoong as CEO... "Focusing on Strengthening Fundamentals"

[Asia Economy Reporter Jang Hyowon] Castelbajac announced that on the 24th, it held the 4th regular general shareholders' meeting and board of directors meeting at the Vision Center located in Gaepo-dong, and appointed Kwon Youngsoong, CEO of Esquaia, as the new CEO.

CEO Kwon Youngsoong stated, "We will focus on expanding low-cost, high-efficiency distribution and strengthening internal stability through thorough profit margin management."

Regarding business expansion prospects, he said, "Based on abundant cash liquidity exceeding 20 billion KRW, we plan to expand from golf wear to casual wear and enter the global market," adding, "We will use the Chinese market as a stepping stone to expand the brand into the global market," outlining a future mid- to long-term strategy.

Meanwhile, despite the overall sluggishness in the fashion industry due to COVID-19, Castelbajac is showing signs of sales recovery with strong new product sales as the golf season fully begins. Compared to early March, when the impact of COVID-19 was direct, weekly sales increased by 25% and weekend sales by 38% from mid-March onwards, showing a noticeable recovery recently.

A brand representative stated, "Until early March, the impact of COVID-19 was inevitable, but as the spread of COVID-19 slows and social sentiment gradually stabilizes, sales growth and recovery are underway."

In particular, as 'untact consumption' conducted non-face-to-face is spreading in the apparel industry, Castelbajac's own mall online sales have grown by more than 130% year-on-year, showing high growth, and the company is actively responding to these changes through online distribution innovation.

With the inauguration of the new CEO bringing new changes, Castelbajac plans to make 2020 the first year of brand transformation. Through bold innovation, it aims to realize Castelbajac 4.0 as a global total fashion brand this year, following the processes of French launch (1.0), domestic launch (2.0), acquisition by Fashion Group Hyungji and successful entry into the golf apparel industry (3.0).

This content was produced with the assistance of AI translation services.