'Jeximix', Leggings Business Grows into 80 Billion Won Company in 4 Years

Popularity Soars by Controlling Belly Fat and Enhancing Design

Men's Leggings Line Launch and IPO Targeted for This Year

[Asia Economy Reporter Jo Yoo-jin] Leggings, which started as yoga wear, have entered everyday fashion. Several years ago, leggings became a mega-hit item when famous Hollywood stars began wearing them as casual outfits, and now they are expanding their territory into daily wear by emphasizing functionality.

Kang Min-jun, CEO of Brand X Corporation, which leads the domestic leggings market with its brand Jeximix, is an online expert with experience at Pandora TV, Kakao Daum Cafe, and SK Communications Nate Shopping Team. After completing his military service, he postponed returning to university because of his strong interest in computers and started his career as a web designer at an IT company. In 2005, after serving as the planning team leader at Pandora TV and working at Nate Shopping Team, he decided to start his own business.

On the 13th, CEO Kang said, "Having directly created internet shopping malls and related services more than 50 times helped me develop practical skills that became the foundation for what I do now." When Kang launched the Jeximix brand in 2015, the related market was not yet established despite the popularity of yoga. Functional products like sweat-absorbent leggings had unsatisfactory designs, and products focused on design often had complaints about materials. He said, "I believed there was a chance of success if we could create products that satisfy both functionality and design."

The flagship product, the 'Sella Leggings,' is characterized by its ability to neatly hold in belly and waist fat. Through Instagram, related videos went viral, and Jeximix’s popularity skyrocketed. The customer base also grew rapidly. CEO Kang said, "When emotional design, affordable prices, and product quality came together, the response was immediate," adding, "Among customers who have tried Jeximix leggings once, 9 to 10 out of 10 return." Jeximix’s repurchase rate reaches 95%. Riding on this popularity, the company has expanded into department stores such as Hyundai and Shinsegae, as well as flagship stores in Sinsa-dong and Hongdae, currently operating 13 offline stores.

As a young company, the speed of new product launches is fast. It takes as little as two weeks from product planning to pre-manufacturing stages. This development speed rivals that of global SPA (Specialty retailer of Private label Apparel) brands. This is the result of having an in-house research and development (R&D) team and a separate sample production room. CEO Kang emphasized, "By securing an R&D team and sample room, we broke through the limits of product quality," and added, "All processes up to the point of outsourcing production are done in a one-stop manner within Jeximix." Especially, by recruiting CEO Lee Soo-yeon, a former fashion designer, they were able to differentiate themselves from competitors in terms of materials and functionality.

Brand X recorded sales of 3 billion KRW in its first year and exceeded 80 billion KRW in annual sales last year. Besides Jeximix, the brand lineup has diversified with Marcio Diego and Huia. This year, as overseas expansion is being actively pursued, the sales target has been raised to 180 billion KRW.

CEO Kang said, "We confirmed demand from Japan through the Jeximix online mall and entered the Japanese market last year," adding, "Although the conservative culture there means leggings or sportswear are not worn as everyday clothes like in Korea, we see this as both a weakness and an opportunity." To localize, they established a corporation and appointed a head with experience in Japanese e-commerce. They plan to increase local subsidiaries and store establishments mainly in countries with confirmed demand such as China, Taiwan, and Singapore.

The successful launch of the men's line and an initial public offering (IPO) are also goals for this year. CEO Kang said, "Yoga and Pilates are gaining popularity among men for their muscle and core strengthening effects, increasing demand for men's yoga wear." To pursue an IPO within the year, they have selected Samsung Securities and Daishin Securities as underwriters and plan to submit the preliminary listing examination application by the first half of this year at the latest.