W Concept, 50% Sales Growth in the First Half of the Year

[Asia Economy Reporter Yujin Cho] Premium online edit shop W Concept announced on the 18th that its sales in the first half of this year increased by 50% compared to the same period last year.

The company analyzed the background of the sales growth as "the acceleration of the untact consumption trend and the emergence of the necessity of online platforms resulted in securing a customer base with purchasing power not only among women in their 20s and 30s but also those in their 40s and 50s."

In fact, the number of mobile app downloads increased by 93% compared to the first half of last year, and the number of new members also rose by 31% year-on-year. The number of subscribers in the purchasing power 40s and 50s age group sharply increased by 97%, greatly expanding the target demographic using W Concept.

More than 710 brands, including major fashion brands such as ‘Kooho Plus’ and ‘BKBC’, newly joined, pushing the total number of brands to over 6,200. About 34% (around 2,200 brands) saw sales growth compared to the first half of last year.

The secret to such rapid growth amid the economic downturn caused by the novel coronavirus disease (COVID-19) lies in bold attempts that anticipated the online fashion market in advance.

W Concept started in 2006 as a project corner called ‘W Concept BY’ at Wizwid Korea (currently ISE Commerce), an online direct purchase mall, introducing domestic emerging designers when the concept of online edit shops was still unfamiliar. The differentiated concept of introducing rare domestic designer brands not widely known to the public drew great response, leading to its spin-off as an independent corporation in 2008.

Since then, by launching its private brand ‘Frontrow’, the ‘Drama Collection’, known as the ‘life suit’, recorded cumulative sales of 150,000 pieces, establishing itself as a leading company in the women's fashion category. Following the establishment of its U.S. corporation, it held a pop-up store at the premium U.S. department store Bloomingdale’s, actively promoting Korean designer brands overseas and leading the way in spreading K-fashion.

Recently, W Concept has strengthened its position as a platform by specializing in the men's segment with the opening of the designer edit shop Distance and launching the vegan beauty private brand ‘Hustler’, the first of its kind in the online platform industry.

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