Lesser-known suit brands gain market toehold despite prices
In Korea, the catalogue of men’s designers includes many highly priced luxury brand names.But among the most recognizable designers such as Armani, Hugo Boss and Dolce and Gabbana, one elite group is beginning to rise above the fray.
Despite commanding price tags of 10 million won ($9,572.13) or even higher, these lesser-known designers — Brioni, Kiton and Stefano Ricci — are starting to gain a foothold here.
This trifecta of design houses leads this trend.
Hanwha first launched Brioni in Korea in 2001, and JMT&FC took over the designer’s imports in 2003.
Brioni was the first of these top brands to enter the market.
Their lowest-priced suit is about 4.5 million won, but the steep price hasn’t deterred customers.
The brand saw sales increase an average of 50 percent from 2004 to 2007.
The rise in sales reflects men’s enthusiasm to hop Brioni’s high entrance barrier.
Company representatives predict sales will continue on the same path.
“Compared to last year, we are seeing a 30 percent increase in sales already,” says Hwang Hae-young, an official with JMT&FC.
Apart from selling ready-made suits, Brioni offers custom tailoring as well.
On average it takes about six weeks to complete one suit, which 350 tailors craft in Italy.
Kiton gained a toehold in the market in Korea on the back of rumors that the brand was former Samsung chairman Lee Kun-hee’s favorite.
Imported by Cornerstone CIG Co., Ltd, the brand has stores at the Hyatt and Shilla hotels.
Its current sales volume stands at 100 million won per month.
Industry experts say that other lower-priced luxury brands, in contrast, see about 70 million won to 80 million won in monthly sales in good times.
Kiton brings designers from its Italian headquarters to Korea about twice a year, in March and September, for customers who want a tailor-made suit.
These suits, made in Naples, cost 10 to 15 percent more than the brand’s ready-made suits.
While most of these extremely expensive designers have concentrated on opening up shops at hotels, the Galleria Department Store recently opted to import the Stefano Ricci label.
Mun Gyeong-nam, an official of Hanwha, which operates the department store’s luxury goods sector, says that customers shopping for these brands look for a luxury product that is not available to the masses.
“They are people that want to avoid luxury brands that are well known to the public,” says the official.
The clientele comprises CEOs, lawyers and senior executives in the finance industry, the official said.
All three brands offer shirts as well. Prices range from 500,000 won to 1.3 million won.
Stefano Ricci offers cuff links priced at 10 million won.
By Lim Seong-eun JoongAng Ilbo
with the Korea JoongAng Daily
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