A flagship store of Korean brands is steadily emerging in front of Dosan Park in Gangnam-gu, Seoul, one of Seoul’s most famous luxury streets. It is a part of strategy to be named as ‘K- luxury’, grading up with famous overseas brands.
According to the Hyundai Department Store Group, the Handsome lifestyle brand ‘The Cashmere’ recently opened a store in Dosandaero. This is the first time a Korean fashion brand opend flagship store near the famous street of Dosan Park.
Hansom official said, “The area around Dosan Park is a place where people can enjoy not only fashion but also various contents, unlike the famous street of Cheongdam-dong.’ “We plan to strengthen our brand competitiveness alongside overseas famous brand stores.”
With the opening of the handsome cashmere in front of Dosan park, the Korean brands “K-luxury” here has increased to three The first domestic flagship store was a store of bag brand ‘0914’ which opened in October 2015. Park Eun-gwan, chairman of Simone’s 30-year-old manufacturer of ODM, has created Korea’s craftsmanship.
In March last year, AMOREPACIFIC ‘Sulwhasoo’ also opened a six-story flagship store. Sulwhasoo said, “Overseas visitors such as China, Thailand, USA and France account for more than 50% of the total. BMW Group headquarters, JP Morgan Asia Pacific executives, Davos Forum president, Arab national royalty visited Sulwhasoo flagship store.
Dosan park became a luxury street since 2006, which the French luxury brand Hermes opened the flagship store ‘Maison Hermes Dogan Park’. Following the ‘Ralph Lauren’ in 2009, flagship stores of famous international fashion and beauty brands such as ‘Colombo’, ‘Rick Owens’ and ‘Santa Maria Novella’.
The massive companies started to purchase a site. In 2010, Shin Young Ja, Lotte Scholarship Foundation chairman, bought the building across from Hermes and Simone also bought a single-family residence (currently 0914 stores) for US$ 28.7 billion in 2012.
As SK-II spa, which was run by Shin chairman of Lotte Scholarship closed last year and Ralph Lauren store closed earlier this year due to sluggish sales, the commercial supremacy was a bit shrunk. However, the various cultural exhibitions and renewal work of Hermes and the rise of the new K- luxury stores are revitalizing the area around Dosan Park.
Kim Sung-Soon, executive director of a real estate consulting firm, said, “Rental fee for Cheongdam-dong luxury streets is 20 percent higher than Doosan Park. However, Dosan Park area has become a representative luxury street thanks to distinctive quiet atmosphere and a luxury image represented by Hermes.
(Source: Donga.com)