French luxury jewelry brand "Van Cleef & Arpels" will open a store at The Hyundai Seoul in Yeouido, Seoul, in July. This marks the first time Van Cleef & Arpels will enter the SuNam area in Seoul.
According to industry sources on the 25th, Van Cleef & Arpels was founded in France in 1906. Along with brands like Cartier, Bulgari, and Tiffany, it is considered one of the top four brands based on total department store high jewelry sales. These brands are only located at key points in each department store, similar to "Elusha (Hermès + Louis Vuitton + Chanel)."
Initially, Van Cleef & Arpels only operated stores at Shinsegae among the three major department stores. However, since opening at Hyundai Department Store in Pangyo in 2022, it has been expanding its presence by entering the main branches of Hyundai Department Store in Apgujeong and Lotte Department Store.
Van Cleef & Arpels currently operates eight stores in Seoul. Excluding the Maison in Cheongdam, it has one at Galleria Luxury Hall, two at Shinsegae's main store and Gangnam branch, two at Lotte World Tower and its main store, and two at Seoul Hyundai's main store and Pangyo branch. With the new store at The Hyundai Seoul, Hyundai Department Store now has the most Van Cleef & Arpels stores in Seoul at three.
The Hyundai Seoul is increasing its share of luxury merchandise planning. It is strengthening its luxury lineup, which had been criticized for its relative weakness, by attracting brands such as Louis Vuitton. It has determined that an increase in the proportion of luxury goods is necessary to solidify its position as a key department store in the SuNam area.
Last year's store renovations included the opening of significant luxury brands like the Louis Vuitton men's store and the Prada men's store. It has also enhanced its new luxury lineup with brands like Woo Young Mi. This year, stores for Loewe and jewelry brand Damiani are expected to open. A separate luxury watch section is being established on the second floor, demonstrating its dedication to attracting luxury brands.
The opening of Van Cleef & Arpels at The Hyundai Seoul is the first in the SuNam area, drawing the industry's attention. The Hyundai Seoul has now secured a competitive advantage in high jewelry by attracting Tiffany, Bulgari, Boucheron, and Damiani, along with Van Cleef & Arpels. In contrast, competitors like Shinsegae's Yeongdeungpo Time Square have Cartier, Bulgari, Tiffany, and Damiani.
The SuNam commercial district in Seoul has seen competition between Lotte and Shinsegae for the past 30 years. The Hyundai Seoul, which entered the market as a latecomer in 2021, is changing the landscape as it establishes itself as a so-called "MZ sacred site." Last November, The Hyundai Seoul joined the "1 trillion club" and has entered the top 10 in department store transaction volume nationwide within just three years of its opening.
A retail industry insider noted, "It is reported that Cartier is also set to enter The Hyundai Seoul," adding, "With the entry of Van Cleef & Arpels, The Hyundai Seoul has gained an advantage over Shinsegae Time Square in the luxury jewelry lineup." They continued, "By attracting high-end jewelry and other luxury stores, The Hyundai Seoul is focused on raising its average customer spending."