Hanwha Galleria has successfully turned a profit in the second quarter of this year, driven by increased demand for luxury goods and rising sales to foreign customers. Both revenue and profitability have improved significantly.
On August 13, Hanwha Galleria announced that its consolidated operating profit for the second quarter reached 15.1 billion won, a turnaround from an operating loss of 4.8 billion won during the same period last year.
During the same timeframe, sales rose to 150.9 billion won, marking an 18.9% increase compared to the previous year. The company also reported a net profit of 5.1 billion won, reversing a loss from the same period last year.
This improvement in performance marks the second consecutive quarter of positive results, following a first-quarter operating profit of 12.3 billion won, which was a 551% increase from the same period last year.
Since the second half of last year, Hanwha Galleria has focused on enhancing its high jewelry and watch categories at its Apgujeong luxury department store, targeting its key VIP customers.
The company has successfully attracted the Swiss watch brand Moritz Grossmann and the German jewelry brand Wellendorff, and has introduced luxury watch brands such as Tudor, Hublot, and Grand Seiko at its Gwanggyo store.
Additionally, the influx of over 10 million foreign tourists to South Korea in the first half of this year has positively impacted luxury consumption, contributing to the company's improved performance.
A Hanwha Galleria representative stated, “Our profits have significantly improved due to increased demand for luxury goods and rising sales to foreign customers. We will continue to focus on developing new content and enhancing our services to maintain this momentum.”
* This article has been translated by AI.
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