[Edaily Reporter Hyera Lee ] On the 2nd, KYOBOSECURITIESCO.,LTD. stated regarding #d'Alba Global, “Overseas operations, centered on North America and Europe, are growing faster than expected,” and raised its target price from 290,000 won to 310,000 won.

Kwon Woo-jeong, an analyst at KYOBOSECURITIESCO.,LTD., stated in a report released that day, “This year will see visible improvements in profitability alongside business expansion in North America and Europe,” adding, “In the second half of the year, the operating profit margin (OPM) is expected to improve significantly year-over-year.”
KYOBOSECURITIESCO.,LTD. estimated d'Alba Global’s second-quarter consolidated revenue and operating profit at 186.7 billion won and 43.0 billion won, respectively. These figures represent year-over-year increases of 45% and 47%, respectively, and are in line with market expectations.
Analyst Kwon projected that overseas revenue would reach 137.2 billion won, a 69% year-over-year increase. He predicted that North America and Europe, in particular, would drive this growth.
Revenue in North America is expected to reach 34.7 billion won, a 173% year-over-year increase. He explained, “Revenue from Ulta and Costco is expected to amount to approximately 8 billion won in the second quarter,” adding, “The number of stores carrying the brand at Costco increased from 150 at the end of last year to 225 in the first quarter of this year, and we understand that discussions are underway to expand to 450 stores.” He added, “Results from Amazon Prime Day also appear to have been positive, and sales of Mist Serum, Tone-Up Sunscreen, and Multi-Balm are understood to have increased significantly.”
The company also assessed that the effects of expanding new offline channels in Europe are now taking full effect. Analyst Kwon said, “Initial results from new distribution channels such as Costco, Notino, Primor, and Druni have been positive, and some channels even sold out immediately after stock arrived,” adding, “To ensure stable business operations, we plan to establish a European subsidiary between the fourth quarter of this year and the first quarter of next year.”
In Japan, the company is expected to maintain steady growth based on the expansion of offline channels such as Aeon Mall, while growth in ASEAN and Greater China is also projected to continue. Domestically, offline sales are expected to increase, driven primarily by new distribution channels such as duty-free shops, department stores, Costco, and Sikkor.
Analyst Kwon said, “The company aims to expand its North American B2B share from 10% last year to over 25% this year, and its European B2B share from 5% to 15%,” adding, “The revenue guidance of 7000억 won and an operating profit margin of 21% set for this year may also be revised upward after the second quarter.”