Studio Samik, 'Scandia' Settles in Premium Market... "Expecting Over 200% Annual Growth"

by Jang Hyowon

Published 27 Oct.2022 08:48(KST)

[Asia Economy Reporter Jang Hyowon] Online furniture distribution company Studio Samik is accelerating profit growth by launching a new premium brand to diversify its customer base.

Studio Samik announced on the 27th that its newly launched premium brand this year, ‘Scandia,’ is recording a sharp increase in sales. While existing products maintain steady sales growth, the successful launch of the premium lineup ‘Scandia’ is expected to not only secure a stable profit structure through customer base expansion but also accelerate performance growth.

Scandia is a leading domestic premium solid wood furniture company, and Studio Samik acquired Scandia in 2020 and has been preparing for a relaunch through renewal. Since the relaunch, sales have exceeded 2 billion KRW, and the targeted sales of 3.9 billion KRW for this year are expected to be achieved smoothly. The sales outlook for next year is even more positive. If Studio Samik’s distribution competitiveness and marketing capabilities are fully leveraged, sales are expected to exceed 10 billion KRW.

Scandia’s products target the premium furniture market with a modern concept, allowing expansion of the existing customer base and creating significant synergy. The ASP (average selling price) is also high, which the company explains can greatly contribute to performance growth.

A Studio Samik representative said, “It is not easy for newly launched brands to exceed 1 billion KRW in sales in the online furniture market, so achieving sales of 4 billion KRW in the first year of brand launch is an encouraging achievement. Scandia has adopted a strategy of offering premium furniture with a modern concept in various designs at reasonable prices while aiming for product premiumization. This strategy appears to have been effective in the existing online furniture market, which lacked diversity.”

He added, “The successful launch of Scandia is significant as it demonstrates that Studio Samik’s ability to respond to market trends and distribution competitiveness can be effectively applied in the premium market as well.”