Jeximix and Andar Lead the Way
Record High Q3 Earnings
Expanding Categories Beyond Existing Lineup for Specialization
With the transition to endemic (periodic outbreaks of infectious diseases) and the increase in outdoor activities, athleisure brands are enjoying a boom. Athleisure is a compound word combining the English words for 'athletics' and 'leisure,' referring to clothing based on sportswear that can be worn like everyday wear. In a market dominated by global sports brands such as Nike and Adidas, domestic athleisure companies are targeting niches with various categories of sports, boosting both their performance and recognition.
According to industry sources on the 16th, 'Jeximix,' operated by Brand X Corporation, is diversifying its categories beyond its main leggings line to include golf apparel and children's clothing, expecting record-high performance. Brand X Corporation earns about 90% of its sales through Jeximix, recording cumulative sales of 168.1 billion KRW up to the third quarter of this year, an 11% increase compared to the same period last year. Operating profit also rose by 6% to 14 billion KRW. The annual sales forecast is 270 billion KRW, and the expected operating profit is around 28.5 billion KRW, anticipating the best performance ever.
Another athleisure brand, 'Andar,' posted an operating profit of 4.5 billion KRW in the third quarter this year, a 155% growth compared to the same period last year. The cumulative operating profit from the first to the third quarter reached 13.2 billion KRW, already surpassing last year's full-year achievement of 12.6 billion KRW. Cumulative sales up to the third quarter also reached 144.7 billion KRW, increasing the likelihood of exceeding last year's annual sales of 169.1 billion KRW. The company analyzed that expanding its product range beyond existing lineups such as yoga, pilates, running, and fitness to include golf, tennis, and water activity-related products was a key factor. In fact, Andar's high-performance men's polo shirts, slacks, and denim suitable for golf and horseback riding saw a 64% increase in sales from January to October this year compared to the same period last year.
These brands are also accelerating their overseas market expansion, mainly in Asia. Jeximix established a corporation in Japan in 2019 and opened the first standalone offline store in Shanghai, China, in April, becoming the first in the domestic athleisure industry to do so. It also established a corporation in Taipei, Taiwan. Andar opened its first global store in Marina Square, a prime commercial area in Singapore, last July. An Andar representative stated, "Through thorough market research and the development of competitive products, we will strive to strengthen our position not only in the domestic market but also in the overseas athleisure market."
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