Editor’s Note
This article highlights the sustained growth in luxury jewelry and watch sales at Galleria Department Store, a trend that underscores the resilience and expansion of the high-end retail market in the post-pandemic era.
[The Fair] Reporter Lim Se-hee = Galleria Department Store has once again proven its premium competitiveness by recording double-digit growth rates in the luxury jewelry and watch segment for five consecutive years.
According to Galleria Department Store’s recent report, sales of luxury jewelry and watches increased by an average of 21% annually from 2019 to 2024.
In particular, last year, this segment accounted for 15% of total sales, nearly doubling from 8% in 2019. During January and February of this year, sales rose by over 30% compared to the same period last year, reaching 19% of total sales.
This growth is analyzed to be thanks to the premium strategy of the Seoul Luxury Hall. Key factors cited include: ▲Strengthening the zoning for luxury jewelry and watches to reflect trends ▲Expanding various events such as exhibitions of Korea’s highest-priced jewelry. In recent years, the luxury consumption trend has expanded from handbags to jewelry and watches, leading to the strengthening of related categories.
At the Seoul Luxury Hall, following the expansion of existing luxury jewelry and watch stores to the 2nd floor of the East Wing in 2021, a new jewelry and watch zone was added to the 1st floor of the West Wing last year.
Last year, the German luxury jewelry brand ‘Acredo’ and the Italian fine jewelry brand ‘Pomellato’ newly opened stores, and high jewelry brands moved to the West Wing for renovation.
In the East Wing, the Swiss luxury watch brand ‘L’Epée 1839’ under the LVMH group and the fine jewelry brand ‘Qeelin’ under the Kering group newly opened. Additionally, pop-up stores for the French fine jewelry brand ‘Dinh Van’ and the Swiss luxury watch brand ‘Chronoswiss’ are also in operation.
Premium content has also been significantly strengthened in regional stores. At the Daejeon Timeworld branch, the British luxury jewelry brand ‘Graff’ was introduced for the first time outside the capital region, and the Rolex store reopened after renovation with a space three times larger than before. As a result, luxury jewelry and watch sales at the Timeworld branch increased by 45% year-on-year during January and February of this year.
Galleria Department Store holds luxury jewelry and watch exhibition events worth billions of won every quarter at the Seoul Luxury Hall. Recently, under the theme ‘Blooming Garden’, it showcased jewelry products worth 8 billion won from 13 brands. At the watch exhibition zone on the 4th floor of the East Wing, Galleria-exclusive watch products are displayed and sold.
This year as well, Galleria Department Store plans to continuously strengthen the luxury jewelry and watch segment. In the first half of this year, it plans to introduce the Swiss luxury watch brand ‘H. Moser & Cie.’ and the German jewelry brand ‘Wellendorff’ for the first time in Korea.
H. Moser & Cie. is characterized by high technical prowess and modern design, while Wellendorff, founded in 1893, is famous for its exquisite goldsmithing techniques.
At the Suwon Gwanggyo branch, the luxury watch brand ‘Tudor’ is scheduled to open in April. In the second half of the year, the luxury watch brands ‘Hublot’, ‘Grand Seiko’, and the Italian fine jewelry brand ‘Pomellato’ are planned to open sequentially.
Hanwha Galleria stated that it will continue to review the entry of various new luxury jewelry and watch brands to provide customers with new shopping experiences.