French luxury brand Goyard confirmed on the 17th that it will open a store this year at Hyundai Department Store in Pangyo. This will be its 5th store in South Korea, operating a very limited number of stores globally.
According to the retail industry, Goyard will officially open a store at Hyundai Department Store in Pangyo in July. Goyard is a luxury brand that opened in France in 1953. It currently operates stores at four locations in South Korea: Galleria Department Store luxury goods section in Gangnam, Hyundai Department Store Trade Center branch, Shinsegae Department Store in Gangnam, and Shinsegae Department Store in Busan's Centum City.
Goyard is known for its strategy of operating only a very limited number of stores globally. Some evaluate that it is unusual for Goyard to operate five stores in South Korea. Currently, there are a total of 34 Goyard stores worldwide: 4 in its home country France, 7 in the United States, 6 in China, 6 in Japan, 2 in Hong Kong, 1 in Italy, 1 in the United Kingdom, and 1 in Brazil.
In particular, the entrance criteria for department stores is strict for the top three luxury fashion brands: Hermès, Chanel, and Louis Vuitton, as well as for the watch brand Rolex. Due to the limited number of stores, overseas tourists from Southeast Asia visit South Korea to purchase Goyard products.
Industry analysis suggests that Goyard's decision to choose Pangyo, where there is relatively fewer foreign consumers, is based on the evaluation of the purchasing power in the southern Gyeonggi area. Hyundai Department Store in Pangyo surpassed 1 trillion won in sales last year. With a Louis Vuitton store already established, the store successfully attracted the high-end luxury brand Hermès as well. It is also reported that discussions with Chanel are ongoing, drawing attention to whether the three companies known as 'EruSha' will be successfully attracted.
Sales at the Pangyo store, which opened in 2015, have increased by an average of 5% to 10% annually, recording 1.074 trillion won last year. The Pangyo store joined the '1 trillion club' in the shortest time of just 5 years and 4 months among domestic department stores. Especially, it was the first department store outside Seoul and Busan to surpass 1 trillion won in sales.
Goyard bags are characterized by their lightweight canvas material and a variety of unique patterns. The large shopper bag known as 'Saint Louis Bag' is referred to as a 'diaper bag' for holding baby items.
Recently, comedian Lee Soo-ji, who gained attention for a fake documentary that satirized mothers in Daechi, attracted attention in her second video for carrying a Goyard bag. In her first video, Lee appeared wearing Moncler padding, leading to a phenomenon where this brand's padding went missing in Gangnam's Daechi-dong.
An industry insider noted, 'It appears that Hyundai Department Store in Pangyo is establishing itself as the winner in the rapidly growing and high-potential southern Gyeonggi area,' and added that 'the likelihood of Chanel's entry will increase after Goyard opens.'