Andar Achieves 33% and 27% Year-on-Year Growth in Q2 Revenue and Operating Profit
Xexymix Sees 2.3% and 39% Decline in Q2 Revenue and Operating Profit
Andar's Aggressive Product Expansion Drives Performance Growth
Xexymix Shows Clear Recove
Leading K-athleisure brands Andar and Xexymix reported contrasting results for the second quarter. Andar achieved double-digit growth in both revenue and operating profit, driven by aggressive expansion into new product categories and rising sales at offline stores. In contrast, Xexymix saw declines in both revenue and operating profit due to sluggish domestic demand. However, Xexymix showed a clear recovery compared to the previous quarter, supported by the launch of new product lines and growth in overseas markets.
According to the fashion industry on August 12, Andar posted second-quarter revenue of 89.1 billion KRW and operating profit of 13.3 billion KRW, up 33% and 27% year-on-year, respectively. First-half revenue reached a record high of 135.8 billion KRW.
Product competitiveness, aggressive category expansion, and increased offline store sales are seen as the main drivers of these results. Products made with proprietary fabrics developed by Andar’s R&D division, 'Andar AI Lab,' accounted for over 90% of total sales. The company explained that its competitive edge, led by these proprietary fabrics, received positive evaluations both domestically and internationally. In addition, aggressive expansion into categories such as running wear, loungewear, and business athleisure, in line with athleisure trends, further boosted performance. The average purchase amount per visitor at more than 70 offline stores nationwide also increased significantly. The company noted that stores with a high proportion of foreign tourists experienced explosive sales growth.
Strong performance in overseas markets also contributed to the results. In June alone, sales from the Japanese online store surpassed 2 billion KRW. During the same period, sales in Singapore, both online and offline, reached 1.2 billion KRW, demonstrating stable growth. In Western markets, the Westfield Sydney store in Australia, which opened for the first time in May, attracted attention from day one and recorded sales of over 300 million KRW in June.
Looking ahead, Andar plans to open its third store at Singapore’s iconic VivoCity shopping mall. The company is also actively considering opening offline stores in Japan. In Western markets, Andar will officially launch in the U.S. during the third quarter of this year, following its entry into Australia.
Andar CEO Gong Seongah stated, "Consistent investment in product R&D and diversification of categories have strengthened Andar’s competitiveness, and our strategic focus on high-income global markets has resulted in record performance. We will continue to innovate and offer more advanced products to customers worldwide, living up to our reputation as the leading K-athleisure brand."
In the second quarter of this year, Xexymix recorded consolidated revenue of 74.6 billion KRW and operating profit of 7.6 billion KRW, down 2.3% and 39% year-on-year, respectively. However, compared to the previous quarter, revenue and operating profit increased by 47% and 856%, respectively, marking a return to recovery.
The recovery is attributed to the launch of new product lines and strengthened presence in global markets. The 'Mellowday' seamless innerwear line, launched in April, sold over 84,000 bra and shorts sets in three months. The popularity of the 'Coolmotion V-neck Short Sleeve' inner T-shirt, released in June, also contributed, bringing total first-half innerwear sales to 3.3 billion KRW.
In global markets, Xexymix continued to show solid growth. First-half export performance increased by more than 80% year-on-year. In Japan and China, pop-up stores and customer experience events boosted sales by 51% and 33%, respectively, compared to the previous year. Mongolia, where two stores opened in the second quarter alone, saw exports jump 91% year-on-year. The company also reported a growing share of sales in North America, including the United States and Canada.
A Xexymix representative commented, "Despite holding a large-scale promotional event for our 10th anniversary, we achieved encouraging results thanks to various cost efficiencies and business diversification. In the second half of the year, we will continue to develop differentiated products and focus on expanding profitability through efficient SG&A management."
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