Ohouse Surpasses 200 Billion KRW in Sales Last Year... Reduces Operating Losses

31% Sales Growth Last Year
Operating Loss Reduced by 66%... 10x Sales Growth Over 5 Years

Ohouse (corporate name Bucketplace) surpassed 200 billion KRW in annual sales last year, continuing its growth despite the economic downturn. The recent 5-year compound annual growth rate (CAGR) was 77.4%, with sales growing tenfold from around 24 billion KRW in 2019 to over 240 billion KRW in five years.

On the 12th, Ohouse announced through its 2023 consolidated audit report that it recorded sales of 240.2 billion KRW and an operating loss of 17.5 billion KRW last year. Compared to 2022, sales increased by 31% from 182.8 billion KRW, and operating loss decreased by 66% from 51.6 billion KRW. Based on adjusted EBITDA, which adds back non-cash accounting expenses such as depreciation unrelated to cash outflows, the company achieved its first annual profit turnaround last year.

Despite challenging market conditions such as high interest rates and a real estate downturn after the endemic, Ohouse surpassed 30 million cumulative app downloads last year and exceeded 5 trillion KRW in cumulative commerce transaction volume. This achievement came amid two consecutive years of negative growth in the furniture and interior industry based on household retail sales data from Statistics Korea.

This performance was largely driven by overall sales growth in commerce. Not only core interior categories such as furniture, fabric, and home decor but also lifestyle categories showed balanced growth. Ohouse explained, "By curating products tailored to customer preferences, we improved customer purchase conversion rates, which enabled us to sustain high sales growth."

Rapid growth in new businesses also contributed to profitability enhancement. Last year, Ohouse’s advertising business revenue grew more than threefold compared to 2022. This was due to a surge in advertisers resulting from highly efficient machine learning product recommendations based on customer behavior, covering not only interior but also lifestyle sectors.

While continuing investments for long-term sustainable growth, Ohouse significantly improved profitability through increased sales and operational optimization. Last year, Ohouse successfully carried out major system infrastructure improvements for partner stores and continued large-scale recruitment of talented developers. Additionally, it is pioneering global markets in three countries: Japan, Indonesia, and the United States.

Ji Younghwan, Chief Financial Officer (CFO) of Ohouse, said, "Despite macroeconomic uncertainties last year, Ohouse continuously invested in talent acquisition, new businesses, and global expansion for future growth. Having achieved remarkable results in both growth and profitability improvement, we expect to establish ourselves as a more competitive lifestyle super app this year and achieve meaningful outcomes in our global business."