Luxury shopping platform Jente posts record sales in 2022

(Jente)

Luxury fashion platform Jente said Thursday its sales hit a new high of $24 million last year, a 140 percent jump from a year ago, extending its winning streak since its launch in 2020.

According to the company, operating profits also almost tripled to $3.3 million last year, compared to $900,000 in the previous year.

The company said that the growth had given it a footing as a representative luxury shopping platform here.

The number of monthly active users, a key e-commerce indicator, also surged to 725,000 people as of January 2022, more than doubling from a year ago.

The company attributed its upbeat sales mainly to its operating system. Unlike many rivals that work with intermediary distribution channels, the company signs contracts directly with over 100 European luxury boutiques, mostly those in Italy, France and Switzerland. These direct contracts help it secure a competitive edge in terms of pricing while effectively preventing sales of fake products – a chronic issue within the luxury industry.

The company added it is handling inventory more efficiently through a synchronized system, dubbed Jente Foret, shared with its partner boutiques, which helps it secure a stable supply of products and product diversity as well as customer satisfaction.

Equipped with a strong network and competitiveness, Jente said it has also inked a partnership agreement with the Italian Chamber of Commerce in Korea, a first of its kind as a local e-commerce brand.

Based on its success at home, Jente is also pushing for global expansion. Following a surge in purchase inquiries from Japanese consumers last year, the company is set to launch its official service in Japan in the first half of this year.

Starting with Japan, Jente said it also aims to enter Southeast Asian markets such as Indonesia and Malaysia.

“Based on our close ties with overseas boutiques, we were able to secure high-demands products quickly from designers’ brands. We aim to become a global platform with our own unique advantages.”

By Yu Ji-soo(jisooyu123@heraldcorp.com)