What: Total consolidated sales for the first quarter of 2021 hit KRW 2.2 trillion (USD 1.9 billion).

Why is it important: Analysts expect sales to grow more than 90% year-on-year in 2021.

Total consolidated sales for the first quarter of 2021 hit KRW 2.2 trillion (USD 1.9 billion), while net profit reach KRW 89 billion (USD 78.8 million). Fashion in particular has been booming in Shinsegae’s network of department stores, with luxury, womenswear, menswear and sportswear marking year-on-year gains of 58%, 25%, 35% and 37% respectively.

Subsidiary Shinsegae International, which imports and distributes global fashion brands like Celine and Stella McCartney, reported a 21% sales boost for fashion and an 18% spurt for beauty.

Shinsegae’s duty free business, however, continues to see its airport business suffer, with sales down 92% year-on-year.

Shinsegae’s Q1 Luxury Sales Up 58% as Demand Soars