The high-end perfume brand Byredo is launching new products and accelerating its pursuit of the Korean market. Byredo ended its licensing agreement with Shinsegae International last year and chose to enter Korea directly. Its goal is to establish the growing Korean market as a foothold for expansion into the Asian region.
Puchikorea, which develops Byredo, opened a pop-up exhibition titled "Page Blanche Seoul" in Seongsu-dong starting from the 27th. The newly launched "Blanche Absolue de Parfum" deepens the scent of the existing "Blanche Eau de Parfum," which is a representative work of Byredo. It highlighted Byredo's identity, which evokes memories through scent.
This pop-up exhibition is structured around the concept of "Page Blanche (an empty page)," allowing visitors to leave their own special stories while embarking on a beautiful journey in a space where dreams and reality, scent and memory intersect.
Byredo terminated its licensing agreement with Shinsegae International, which had been in place for 10 years since 2014, in September last year and began direct entry into the Korean market. The parent company, the Spanish firm Pucci, established a Korean subsidiary and started its domestic market entry this month. With increasing brand recognition, instead of extending the contract, it chose to establish the Korean subsidiary to enhance profitability.
Pucci's declaration of direct entry into the Korean market is due to the explosive growth of the Korean perfume market. According to global market research firm Euromonitor, the domestic perfume market size has steadily grown over the past three years (2021-2023), increasing from 701.1 billion won in 2021 to 986 billion won last year, marking a 40.6% rise. Euromonitor forecasts that this year's perfume market will exceed 1 trillion won for the first time, reaching 1.083 trillion won.
In particular, the growth of niche perfumes like Byredo is steep. Niche refers to "a gap" and signifies high-priced premium perfumes that possess unusual scents. The domestic niche perfume market size, which was 238 billion won in 2021, increased to 394 billion won in the past year, representing an increase of 65.6%. Last year's sales are estimated at 447.1 billion won, nearly double compared to 2021.
Byredo, founded in Stockholm, Sweden, in 2006, has a concept of conveying memories and emotions through scent. Its characteristic feature is limiting the number of ingredients used in all its scents, focusing on the essence of fragrance.
Jo Su-hyeon, head of Puchikorea, noted, "Blanche is a scent that allows you to confirm Byredo's creative and original brand world," adding, "The fact that this pop-up is being held in Korea, buoyed by the local popularity of Blanche, makes it even more significant."
He mentioned, "This exhibition is an immersive experience that goes beyond simple product displays," stating, "I hope it provides consumers with a sensory experience that resonates with Byredo's authentic brand story and lays the groundwork for expanding the Byredo community in Korea."