2012-09-28 14:18:07 - South Korean jewellery market dominated by Richemont Korea Ltd
In 2011, Richemont Korea Ltd ranked first in the South Korean jewellery market. Richemont Korea has various jewellery brands, such as Cartier, the historically loved real jewellery brand, and Van Cleef and Arpels, which gained enormous focus from South Korean consumers over the review period. In October 2008, Cartier Maison, Asia´s first Cartier flagship store opened in Seoul, implying Cartier´s powerful brand preference in the South Korean market.Romanson Co Ltd was the second leading player in jewellery in South Korea in 2011. The domestic company garnered value share of 2.3% in 2011, up slightly from its previous share of 2.2% in 2010. Romanson is present in real jewellery where its J Estina brand remains popular amongst local consumers.In South Korea,
some convenience stores and supermarkets are now offering more than just groceries. Goods from designer brands Gucci, Chanel and Prada are also being offered in a number of mass-market outlets, making these goods more accessible to South Korean consumers.A Seven-Eleven executive was quoted as saying that the retail chain is planning on expanding its luxury line to meet local demand. During South Korea´s Thanksgiving festival in September, the convenience store offered designer goods such as Gucci shoulder bags and wallets.Tesco Plc and Lotte Mart have also taken the high-end route, selling designer goods from top brands including Ferragamo and Balenciaga.The South Korean jewellery market has been forecast to increase at a compound annual growth rate (CAGR) of 1% in constant value terms through to 2016. Large scale companies are set to launch in to the market.In particular, fashion companies belonging to large group companies, such as LG Group or Samsung Group, will participate in the jewellery business to offer one-stop fashion coordination for consumers. Thanks to their strong backing, they have more powerful capital, marketing and distribution network capabilities than existing players.For more information on the South Korean jewellery market, see the latest research: South Korean Jewellery MarketFollow us on Twitter @CandMResearch
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