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Medicube operator eyes IPO on upbeat sales

Nov. 15, 2022 - 15:35 By Byun Hye-jin
(left) APR CEO Kim Byung-hoon and Kim Sang-Tae, President of Shinhan Investment, pose for a photo at Shinhan Investment Corp headquarters in Yeouido, Seoul, Moday. (APR)

APR, operator of Korean street fashion brand Nerdy and dermocosmetics brand Medicube, said Tuesday it posted record-high sales in the third quarter this year.

The company’s sales surged on-year by 306 percent to 95 billion won ($72 million) while its net income jumped 81 percent to 12 billion won from July to September.

Accumulated sales and income through the third quarter were 269 billion won and 18 billion won, respectively, surpassing last year’s performance.

The company attributed its improvement in profitability to Medicube, which manufactures beauty devices that use electrical stimulation to improve skin. Medicube is expected to post 200 billion won in sales, almost half of this year’s sales, an APR official said.

APR’s overseas sales soared 44.6 percent, to 36 billion won, in the third quarter compared to a year earlier. The company operates international headquarters in eight countries, including the US, Canada, Japan, China and Singapore, as of November.

Nerdy is also at the vanguard of promoting Korean street fashion, the company said, adding that it is operating its first overseas branch in Tokyo.

With its business expansion, the company is planning to make a market debut on the nation’s tech-focused Kosdaq next year. APR has selected Shinhan Investment as the main underwriter. The two agreed to apply for a preliminary review at the bourse operator Korea Exchange by the third quarter next year.