LifeGoesOn, the company behind the mobile laundry service LaundryGo, reached a significant milestone last month when it surpassed KRW 5 billion in revenue and achieved positive operating income before depreciation (EBITDA) for the first time.
The company’s revenue grew 105% year-on-year to KRW 5.42 billion in March, marking a turning point for the innovative laundry service provider.
LaundryGo pioneered non-face-to-face mobile laundry in 2019, built the world’s most extensive B2C laundry infrastructure, and amassed 500,000 member households.
Laundry24’s unattended laundry service, LaundryGoHotel, and LaundryGoEPC, a laundry planning, purchasing, and construction company, contributed 40% of the total revenue in the last month.
In 2022, LaundryGo recorded consolidated revenue of KRW 37 billion, growing 2.74 times faster than the previous year and 5.3 times faster than in 2020.
Its parent company, LifeGoesOn, recorded consolidated revenue of KRW 37 billion, growing 2.74 times faster than in 2021 and a staggering 23 times faster than in 2019.
This rapid expansion validates the company’s successful differentiation and diversification strategy around the keyword “laundry” in a long-stagnant industry.
Laundry24 has opened more than 120 unmanned stores in Seoul and its metropolitan area, dominating the unmanned laundry sector.
LaundryGo’s hotel laundry service has also achieved the No. 1 market share in the hotel laundry sector.
In addition, LifeGoesOn plans to enter the used clothing sector by leveraging its laundry and logistics systems.
CEO Cho Sung-woo attributed the company’s success to its IT technology and infrastructure investments over the past four years.
“We will continue to do our best to grow into a global company that continuously creates innovations for the enriched lives of busy modern people, which is LifeGoesOn’s vision,” Cho said.