SoluM Achieves 5x Increase in ESL Orders Across Europe... On Track to Become Global No.1

[Asia Economy Reporter Hyunseok Yoo] SoluM announced on the 3rd that it secured ESL product orders worth 550 billion KRW in the fourth quarter of last year alone.

SoluM signed contracts to supply ESL products ‘Newton’ to two major European retailers and a major Japanese retailer over the next three years in the fourth quarter of last year. This is a large-scale contract worth more than five times the total annual order amount in the European region last year. The company views that ESL products have established a solid foothold in the European market.

SoluM predicts that it will achieve record-high sales in the ESL sector this year. It aims to become the global leader in the ESL market, beyond the domestic and North American markets where it currently holds the number one market share.

Lee Jeho, Head of the ESL Business Division, said, “Due to the pandemic, online sales have rapidly increased, and to reflect real-time price changes such as quick price responses offline, intensified competition among offline retailers, and flash sales of fresh products, ESL adoption has rapidly increased recently, especially among large supermarkets.” He added, “The new product Newton’s industry-leading update speed, longest battery life, differentiated performance, and sophisticated design have captivated global customers, leading to continuous large-scale orders.”

He continued, “We plan to continuously expand not only in overseas markets but also into various retail and distribution sectors such as domestic large retailers, Health & Beauty (H&B), and fashion stores.”

Meanwhile, SoluM was the first company to be listed on the KOSPI market this year, going public on the 2nd. The proportion of new businesses has steadily increased from 10% in 2017 to 56% in the third quarter of last year, and the compound annual sales growth rate from 2017 to 2019 was 29%. As of the third quarter of last year, the cumulative consolidated sales amounted to 812 billion KRW, operating profit was 45.7 billion KRW, and net profit was 33.9 billion KRW.

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