Mesh Korea Surpasses 90 Billion KRW in Q1 Sales... 30% Increase YoY

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[Asia Economy Reporter Kim Cheol-hyun] Mesh Korea, the operator of 'Boorung,' announced on the 26th that its provisional sales for the first quarter of this year reached 93 billion KRW, marking a 30% growth compared to the first quarter of the previous year.

Mesh Korea showed balanced growth across all domestic business sectors in the first quarter, including fulfillment, dawn delivery, and quick commerce. The fulfillment and dawn delivery sectors increased by 250% compared to the previous year. This is attributed to the active recruitment of new consignors and aggressive acquisitions of quick commerce delivery points.

Regarding dawn delivery, the average daily logistics volume in the first quarter increased by 779.5% compared to the previous year. Boorung exclusively handles dawn delivery within Smile Delivery, operated by Gmarket Global, which runs Gmarket and Auction, processing an average of 15,000 dawn delivery shipments per day.

With the expansion of key logistics hubs, the average daily logistics volume from fulfillment services increased by 169% compared to the previous year. Mesh Korea raised the operating rates of its existing Gimpo and Namyangju Fulfillment Centers (FC) to 100%, opened the 5,300-pyeong Gonjiam FC in February this year, and operates a separate digital fulfillment center dedicated to apparel in Namyangju.

The company plans to actively respond to the surging logistics volume by introducing additional FCs in the first half of this year. To this end, it plans to continue bold investments.

Choi Byung-jun, Head of Domestic Business at Mesh Korea, said, "In the first quarter of 2022, we have achieved results that greatly exceeded our targets in all business sectors, and the total sales for this year are expected to be double that of the previous year." He added, "By focusing investments not only on additional fulfillment centers but also on quick commerce delivery hubs within the year, we plan to thoroughly prepare for the rapidly increasing volume."

He continued, "As we continue bold investments for FC expansion and IT innovation for the future, funding is required," adding, "Thanks to clear performance improvements, the ongoing external funding of 300 billion KRW is progressing smoothly."

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