[Global Hit Item] Made 13 Billion Won with Limited Edition Strategy... "Increasing Scarcity Boosted Customers"

Last Year's Sales 13 Billion KRW... 9 Billion KRW Sales in First Half of This Year
Limited Edition Strategy Enhances Scarcity and Luxury
Hyundai Department Store Popup Store Launches Flagship Store Opening

"We release 1 to 2 limited edition new products each week, numbered, and communicate with customers through Instagram Live. This strategy to increase product scarcity led to last year's sales doubling compared to the previous year, reaching 13 billion KRW."

Kim Kyung-eun, CEO of Number Project.
Photo by Cafe24

Kim Kyung-eun, CEO of Number Project, said in an interview with Asia Economy on the 21st, "Since we sell limited products for a specific period, it is common for pre-orders to open and sell out within 5 minutes," adding, "The average sales per product range from 200 million to 1 billion KRW."

Leading the fashion brand Number Project, CEO Kim is a fashion influencer with over 110,000 followers on social networking services (SNS). She introduces new products through SNS live broadcasts and sells products via the brand’s own mall (D2C) built on the e-commerce platform Cafe24.

The brand continues to grow domestically and internationally. In 2021, recognizing the brand’s growth potential, it was acquired by the major fashion conglomerate Daemyung Chemical Group. As overseas customers increased through SNS, traffic to the English mall centered in Los Angeles, USA, also grew. Overseas sales have been doubling each season. Overall sales have rapidly increased since the brand’s launch in 2018, expanding to 13 billion KRW last year. In the first half of 2023, sales reached 9 billion KRW.

The secret to growth lies in the ‘limited edition strategy.’ Number Project produces limited quantities of products and sells them with unique numbers attached. The increased scarcity of products has led to a growing number of customers eager to purchase. Another distinctive feature is the use of premium fabrics typically used by luxury brands. Thanks to the luxurious materials and designs, many customers are women over 40 with strong purchasing power.

CEO Kim said, "Our main customer base consists of those with a keen eye for fashion and purchasing power," adding, "VIP customers who spend over 20 million KRW annually account for half of our sales, showing the strong influence of our loyal customer base." She continued, "Because we release products as limited editions, many also buy at a premium on peer-to-peer trading platforms."

Number Project plans to expand the brand scale by opening its first flagship store, starting with a pop-up store at Hyundai Department Store in the second half of the year. Next year, they are considering opening flagship stores in regional areas as well. To increase overseas sales, they plan to enter local showrooms and add product sizes targeting overseas customers. CEO Kim emphasized, "We will expand our encounters with customers through major domestic department store pop-up stores and continue to showcase differentiated products, presenting various moods unique to Number Project."

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