Kang Seok-hoon, CEO of Ably, highlights the company’s growth trajectory and its pivotal role in the evolving K-style and K-fashion markets during a recent interview.
Kang Seok-hoon, the 41-year-old CEO of Ably, recently discussed the company’s impressive growth and its evolution into a significant player in the K-style and K-fashion arenas during an interview on October 20 at the firm’s headquarters in Seocho-gu, Seoul. Ably has positioned itself at the heart of the Korean Wave, leveraging the rising global interest in Korean cultural content, which now encompasses not just K-beauty and K-food, but also K-style and K-fashion.
Kang noted that the concept of a ‘fashion hub,’ which has traditionally been associated with European cities, is now increasingly pivoting towards Korea. This shift comes as Ably reports a significant financial upswing, with revenue soaring from 5.6 billion won in 2020 to an anticipated 259.5 billion won in 2023. The company is projected to see an additional 30% growth in revenue within the next year, marking a turning point as it achieved profitability for the first time last year. In a gesture of corporate morale, the company shared its first profits with employees through bonuses.
Ably’s ascent in the e-commerce landscape is underscored by its monthly active users, which reached 9,364,874 as of January, making it the second-largest e-commerce platform in South Korea, trailing only behind Coupang. The company’s expansion into various product categories, including fashion, home decor, and cosmetics, has solidified its status as a comprehensive ‘style commerce platform’ catering to a wide array of lifestyle needs.
The company’s recent investment of 100 billion won from China’s Alibaba has further established its status as a unicorn, pushing its corporate valuation beyond 3 trillion won, a testament to its rapid growth trajectory. To date, Ably has attracted a total investment of 323 billion won. In light of these developments, Kang revealed that the company is engaged with global investors from regions including China, Japan, the United States, and Southeast Asia, as it gears up for international expansion and partnerships.
Interestingly, Kang does not come from a traditional fashion background. He described his initial aspirations as being more aligned with literature, stating that he once dreamed of being a librarian who writes or manages books. Although he identified himself as somewhat of a ‘fashion newbie,’ he acknowledged the distinctiveness of Ably’s approach. “Instead of creating a brand, we decided to build a platform that helps those who make good brands succeed in their businesses,” he said.
Kang emphasized Ably’s unique position in the market, asserting that the algorithms on their platform deliver personalized experiences for each of the 9.3 million users. This allows for detailed insights into individual preferences, enabling the platform to analyze customers’ clothing choices alongside their home decor trends and cosmetics purchases through artificial intelligence technologies.
Expressing his vision for Ably’s future, Kang stated, “I want to help high school sellers who do business on Ably buy apartments with a Han River view and become asset holders worth tens of billions of won.” His commitment to empowering individual sellers illustrates his broader ambition to facilitate the dreams of those who utilize the platform, fostering an entrepreneurial spirit among users.
Source: Noah Wire Services
