Insaeng Ne Cut operates 161 stores in 16 countries overseas
"Aiming to grow as a global photo life platform"
On the 8th, King Charles III of the United Kingdom made a surprise visit to 'Insaengnecut,' drawing attention as Insaengnecut accelerates its overseas expansion.
King Charles III of the United Kingdom (far right) is looking at a sticker photo booth store of Insaengnecut installed in New Malden, London on the 8th. [Photo by LK Ventures]
On the 8th (local time), King Charles III of the UK made a surprise visit to the newly opened Insaengnecut New Malden branch, a startup famous for its sticker photos. This store, the first Insaengnecut location in the UK, started as a shop-in-shop within a 'cake & bingsu cafe' frequently visited by the younger generation in the UK. The King engaged in conversation with young British customers at the store and received explanations on how to operate the Insaengnecut machine.
An industry insider said, "King Charles III entered the Insaengnecut store out of curiosity after seeing a long line of young people," adding, "Although he did not take sticker photos himself, he listened attentively to the British youths at the store as they explained how the Insaengnecut machine works, showing great interest."
Leading 'K-Culture' Brand Insaengnecut Opens Stores in 16 Countries Overseas
Insaengnecut announced on the 21st that it has expanded beyond Korea and currently operates stores in 15 countries overseas, including the UK.
LK Ventures, the operator of Insaengnecut, first entered the overseas market in 2019. By leveraging local store operation experience and forming partnerships with entities sharing the vision of industrializing K-culture, they achieved rapid localization.
The Insaengnecut UK store is also collaborating with JS Holdings Group, which promotes K-culture locally. Currently, they are diversifying their overseas market entry strategies, including direct market entry, and have opened 161 stores across 16 major countries such as the UK, New Zealand, Taiwan, Vietnam, and Japan, expanding their market presence.
As Insaengnecut gained attention through the popularity of K-pop and content, it has set a global strategy as a 'K-culture platform' by expanding content offerings through various IP (intellectual property) partnerships both domestically and internationally. They actively collaborate with K-pop artists who are also popular overseas, such as IVE, aespa, RISE, and TREASURE, and provide character IPs.
Insaengnecut has become synonymous with sticker photos, enjoying overwhelming popularity among young people in Korea. It currently holds more than half of the domestic sticker photo market. There are about 440 Insaengnecut stores nationwide, with approximately 27.6 million users annually.
The growth trend is steep. After recording sales of 12.3 billion KRW and operating profit of 1.5 billion KRW in 2020, the company more than doubled its performance in two years, achieving sales of 25.4 billion KRW and operating profit of 4.5 billion KRW. This year, the target is 50 billion KRW in sales and 9.9 billion KRW in operating profit. The company is preparing for a KOSDAQ listing through an initial public offering (IPO) next year.
An LK Ventures representative said, "We are preparing to offer various services, including launching the Insaengnecut app overseas, aiming to become a 'global photo life platform.'"
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
