Eland Group, a major South Korean outlet mall operator, is seeking to log over 400 billion won ($351 million) in sales from its local and Chinese e-commerce platforms, industry sources said Wednesday.
The company entered the Chinese market in 1996 and had since focused on expanding the offline stores until opening its first e-commerce store on Tmall in 2014. Tmall is China's largest online shopping mall operated by Alibaba Group.
The company's online sales in the neighboring country, which stood at 50 billion won in its first year doubled to 100 billion won in 2015 and reached 180 billion won last year. Eland said the revenue target for this year is 250 billion won.
"We have already achieved our goal for the first half of this year," an Eland official said. "With the current pace, we can easily reach the 250 billion-won mark."
Eland also has targeted to sell 150 billion won worth of goods at its online mall in South Korea this year. The mall, launched in September last year, currently has 3.5 million monthly visitors on average. (Yonhap)