Why it matters: ABLY Corporation's recent announcement of its financial results provides insight into the company's strategies and position in the market, especially after reporting a loss last year. The company turned an operating profit in H1 2023.
The Key Points
- ABLY Corporation reported its Gross Merchandise Volume (GMV) and revenue for the first half 2023.
- The company achieved monthly breakeven starting in March 2023 and noted that its operating income doubled each month for four consecutive months.
- The data suggests a 60% year-over-year increase in revenue and a 40% growth in GMV for ABLY. Additionally, ABLY achieved its highest revenue and operating income in June.
- The company's AI recommendation algorithm, backed by 15 years of personalization development, plays a role in the company's growth by matching user preferences with product suggestions.
The Big Picture
While June is typically considered a slower month for the fashion industry, ABLY's numbers suggest otherwise for its performance this year.
The company has a significant presence with 50,000 marketplaces, 7 million monthly active users, and 11 million members.
Compared to their peers, ABLY and MUSINSA appear to be leaders in the fashion vertical commerce sector with high annualized GMV.
Beyond fashion, ABLY has expanded its offerings into beauty, food, and other lifestyle categories, positioning itself as a "total style commerce" entity.
The company has expressed optimism for the rest of the year based on its 1H2023 results. CEO Kang Seok-hoon stated that ABLY aims to expand its presence locally and globally.