[Asia Economy Reporter Lim Hye-seon] LF Tricycle announced on the 9th that it achieved its highest monthly transaction amount since its establishment, surpassing 63.7 billion KRW in transactions this year. Tricycle is an affiliate of LF and operates fashion brand specialty mall Half Club and baby and children's specialty mall Boribori.
According to Tricycle, Half Club recorded 45.2 billion KRW and Boribori 14.4 billion KRW in transaction amounts last month. At Half Club, the sports, men's casual, and golf categories grew by 32.9%, 29.6%, and 16.0% respectively compared to the same period last year, driving sales. At Boribori, baby food & formula and maternity & childcare products grew by 107.7% and 49.3% respectively.
Tricycle broke its monthly transaction record again just one year after achieving its highest performance in November last year. The company analyzed that the optimal service strategy based on meticulous customer analysis was effective.
In particular, a major renewal of the website and application was carried out at the beginning of this year, and active curation based on more advanced services had a positive effect. Since its founding in 2001, Tricycle currently has a total of 17.04 million cumulative members, including 9.47 million for Half Club and 7.57 million for Boribori, enabling extraction of customer behavior-based data.
The optimal pricing with an average discount rate of 83%, offered through various promotions and partnership events, is also noteworthy. Amid the polarization phenomenon brought by COVID-19 to the fashion industry, Tricycle provides branded clothing to customers at reasonable prices. In particular, Half Club is expanding popular brand entries at various price points and running diverse promotions for the 40s and 50s generation seeking practical consumption, while Boribori is doing so for parents with infants and young children.
Riding on this year’s growth, Tricycle plans to expand preferred products and brands by age group next year. Additionally, based on strengthened product competitiveness, it intends to pursue various customer-centric initiatives to enhance customer satisfaction through diversification of partnership events, membership grade restructuring, and expansion of live commerce.
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