Fashion Group Hyungji's profit surges 145% in 2023

South Korea's Fashion Group Hyungji reported on Tuesday a preliminary 30 billion won ($22.5 million) in earnings for 2023, a staggering 145% jump from the previous year, driven by profit-focused strategies and on-site management.

The impressive performance marks a significant turnaround for Hyungji, which saw earnings reach just 12.2 billion won in 2022.

Hyungji attributed the surge to its overall profit-oriented management and on-site management.

"Fashion Group Hyungji was founded with the belief that women should not have stress about clothes," said Vice Chairman Choi Jun-ho.

"We are the parent company and cornerstone of the Hyungji Group, and we will continue to grow sustainably with our nationwide stores, pursuing both qualitative and quantitative growth in the future."

Hyungji operates a portfolio of popular women's casual brands, including Crocodile Lady, Chatelaine and Olivia Hassler.

Write to Hyung-Joo Oh at ohj@hankyung.com