Luxury Brands Attracting 2030s Men, Their Rising Targets

연합뉴스 / 2021-07-19 09:02:25

▲ Interior of Louis Vuitton pop-up store for men's products which will be open only until this 31st in Seongsu-dong, Seoul. (Yonhap)

▲ This photo, provided by Galleria Department Store, shows Bvlgari store for men in Galleria's Luxury Hall. The Department Store opened the first domestic Bvlgari men's store in their Luxury Hall West, 4th floor on April 30th. (PHOTO NOT FOR SALE) (Yonhap)

▲ This photo, provided by Lotte Department, shows the 5th floor of its Main Store which has been rearranged into a men's foreign fashion building. (PHOTO NOT FOR SALE) (Yonhap)

SEOUL, July 19 (Yonhap) -- Park(32), an office worker, purchased 2 rings(total 3 million won) and a wallet(around 700 thousand won) last year. Also he bought a Gucci tie which costed around 300 thousand won.

This year he always wears a 1.5 million won Swedish watch with the ring and tie to work. Park is planning to save up for a coat costing hundred thousands won for this winter.

He said, "On paydays, I go to the the department store to take a look around luxury stores for men" and "I will not hesitate to spend money for my own pleasure."

According to distributing industries on the 19th, luxury brands recently have started actively attracting men in their 2030s who are rising as their main targets these days.

Luxury brands are not only diversifying the range of men's products but also setting up exclusive shops only for male clients. Department stores are expanding areas for 'men's foreign fashion'.

The Famous French brand Louis Vuitton is opening a 'men's' store this August at Lotte Department Store's Head Quarter in the size of 330㎡(approximately 100 pyeong; pyeong is a Korean unit for measuring space and 1pyeong is about 3.3㎡).

This is the 8th men's store since the one opened last month at Hyundai Department Apgujeong Main Store.

A pop-up store that only features men's products is open from the 12th to this 31st in Seongsu-dong, Seongdong-gu, Seoul.

Brands such as Gucci, Balenciaga, Kenzo are also running stores for men.

An employee from a luxury industry noted that, "Women usually buy bags while men show interest in various kinds of goods like glasses, shoes, wallet etc."

Actually young men's demand for luxury goods is recently in uptrend.

The first of 2021's sales for men's foreign fashion section in Lotte Department store has increased 66% than the year before. Men in their 20~30s took up almost 44% of these sales.

Hyundai Department showed 64.7% increase in men's luxury brand sales compared to last year's same period. In particular, the consumption rates of male customers in their 30~40s leapt 106.8%.

Galleria Department Store has reported 45% rise in the first half of this year's luxury brand goods for men compared to the previous year.

Department Store industries are expanding luxury stores for men.

Lotte Department Store remodeled the 5th floor of its head department into a foreign fashion building and opened it up on the 8th.

Here, 14 new brands including Tom Ford, Dolce & Gabbana, Valentino have set foot. The size of men's luxury stores is now 49.6 thousand㎡(approximately 15 thousand pyeong) which is multiple time larger than before.

Last June, Hyundai Department, after selecting its 4th floor of Apgujeong Main Store as 'Men's Luxury Hall', gave entry for Gucci Men's, Balenciaga Men's, Loro Piana Men's stores.

This year Men's for Prada and Dolce & Gabbana also joined this Hall.

Galleria Department is more focusing on men's luxury lines by opening up the first domestic Bvlgari store exclusively for men in the West part of Luxury Hall in Apgujeong Main Store and also starting Prada for men from April.

A person from Galleria Department said that, "the industry is expecting continual rise in men's demand for luxury" and "young men today will keep up with their interest for fashion even in their middle age."

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