Key Points:
·Business expansion: Obtained authorization from internet celebrity Dan Bilzerian to launch the Ignite brand; added two new product lines for e-cigarettes and athletic wear.
·Product planning: Positioning e-cigarettes in the high-end market; distribution in convenience stores in the second half of the year; athletic wear to first focus on sports equipment category.
·Market validation: Coupang platform sells out of 25,000 e-cigarette pre-orders; Group's sales reach 88.6 billion Korean won (637.9 million US dollars) in 2024.
According to a report by Fashionbiz on June 24, the South Korean brand development company Open Run Project is actively expanding into new business areas. By acquiring the intellectual property rights of the American e-cigarette brand "Ignite," the company is officially entering the convenience store e-cigarette and sportswear market.
Ignite was founded in 2017 by social media influencer Dan Bilzerian. The luxury e-cigarette brand is set to launch in the second half of 2025 in South Korea, with plans to be available in 5000 convenience stores. The product features a high-end design and is made of stainless steel to align with the brand's image.
Before officially launching, the Open Run Project conducted pre-sales on the Coupang platform, with 25,000 units selling out. CEO Park Bu-taek of the company stated:
"We believe that this product is also competitive in the Korean market. It not only has a high-end positioning that has not yet appeared in the local market, but also boasts outstanding quality and visual design."
Currently, brands under the Open Run Project include Drawfit, Odd Studio, Noir, Minab, and Lizur. In 2024, the company achieved sales of 88.6 billion Korean won (approximately 63.79 million US dollars) and operating profit of 12.1 billion Korean won (approximately 8.71 million US dollars).
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