Lock&Lock, a household goods company, said that its sales in the second quarter of this year reached $91.3 million. It is a 7.3 percent increase from the same period last year. Even though there is a continued economic slowdown in the Korean market and China as the biggest exporter.
The Korean market has seen a turnaround in the mood, achieving sales growth. Operating profit was $3.2 million, down from the same period last year, but up 7.3 percent from the first quarter of this year.
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So what drove Lock&Lock sales to jump?
Expansion of online distribution channel networks and the result of new overseas markets drove the growth of Lock&Lock sales in the second quarter of this year. Online sales, which account for half of China’s sales, rose 39 percent from the same period last year, according to Lock&Lock. The company sells its product on China’s biggest e-commerce sites such as Alibaba and Tencent‘s T-Mall.
Local online sales jump 38 percent from the same period last year, as a result of expanding cooperation with e-commerce companies such as TMON. Sales of the special edition also increased by 49 percent. After China, the share of overseas shipments has risen 57 percent and 36 percent in both online and offline stores compared to the same period last year.
What stands out along with the performance of the online market is the advance of the new market. Myanmar and Cambodia, which saw rock & rock early due to ‘post Vietnam’, continued to rise in second quarter after first quarter. They also saw their sales increase by 18% and 121% respectively from second quarter of last year.
Exports to advanced markets also turned on the blue light. Lock&Lock has expanded its export channels by signing contracts with QVC, Germany’s largest home shopping channel. As well as Meyer US, the largest cookware distributor in the U.S., this year.
“We are going to expand customer contact with ‘Place El’ which is a cultural complex where people can experience and purchase rock and rock products in South Korea. And will actively seek to develop new markets while developing markets in China and Vietnam in foreign countries.” said Director Lee Jung-min of Lock&Lock Management Planning Headquarters.
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