VT Reports Operating Profit of 14.4 Billion KRW in Q3, Up 441.4% YoY

VT announced on the 9th that its consolidated operating profit for the third quarter of 2023 reached 14.4 billion KRW, marking a 441.4% increase compared to the same period last year. Sales revenue increased by 57.1% year-on-year to 84.1 billion KRW.

VT's Ridleshot line, launched this year, is driving the strong performance. Within just three quarters since its release, Ridleshot has established itself as VT's flagship revenue product. Thanks to its sensational popularity in the Japanese market, it has recently sold out on major online platforms in the Korean market as well.

Ridleshot achieved remarkable results on major Japanese online shopping malls such as Qoo10 and Rakuten. Riding the wave of Ridleshot's tremendous popularity, it also performed notably during major online shopping events in Japan. In the third quarter, sales during Qoo10's Mega-Wari event and Rakuten's Super Sale event increased by 61.4% and 36.9% respectively compared to the previous quarter. Year-on-year, sales grew by 97.1% on Qoo10 and 109.1% on Rakuten.

The Ridleshot line is an essence that combines Centella extract and microneedles to enhance the absorption of active ingredients, helping to soothe and regenerate the skin. It is a new concept cosmetic product different from existing ones and is nicknamed the "topical skin beauty device." In addition to the existing 100, 300, and 700 shot lines, the Ridleshot line has added a 50-shot variant for sensitive skin and a 1000-shot line to meet consumers' needs for spot care.

VT plans to continue launching add-on products to strengthen the management of active ingredients after using Ridleshot. Following the launch of the lifting line, the company also released a PDRN essence product as the first example. VT's 100,000ppm Phyto PDRN is a high-concentration plant-based PDRN made from wild ginseng grown in the pristine Jirisan area, rather than fish-derived extracts, delivering the nutrition of ginseng to the skin and providing healthy radiance and elasticity care. VT stated that it will continue to release new products that address consumers' skin concerns following the lifting line and PDRN essence.

A VT representative said, “With the addition of the Ridleshot line to the existing product lineup, including the Cica Natural line, the quality and variety of our products have been further enhanced. The Ridleshot line, which is rapidly establishing itself in the Japanese market, will be expanded to global markets including Korea in the fourth quarter.”