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【South Korea】Haesuel Captures Domestic and International Markets with Specialization in Silver Jewelry

Nov 28, 2019

Editor’s Note

**Editor’s Note:** This article examines how Yuhan Silver’s brand Haesuel has carved out a distinct niche in the competitive fashion jewelry market by leveraging deep silver expertise and technical knowledge, achieving a repurchase rate exceeding 80%.

Thick Plating Builds Reputation, Repurchase Rate Exceeds 80%

Yuhan Silver (CEO Lee Joo-min)’s specialized silver brand ‘Haesuel’ has grown into a rising star in the fashion jewelry market by simultaneously capturing the domestic market, online duty-free channels, and overseas sales. While many fashion jewelry brands have recently sprung up and achieved high sales, Haesuel differentiates itself through: ▲ a brand identity centered on silver expertise, ▲ solid technical knowledge of silver materials built over 10+ years of OEM business, and ▲ overseas sales know-how gained through direct market exploration.
CEO Lee Joo-min explained:

“We focus exclusively on silver materials and have accumulated thousands of different items. We are building the brand so that when people think of silver jewelry, they immediately think of Haesuel. It’s easy to think of us as a silver jewelry department store.”

Lee entered the jewelry OEM business influenced by his parents’ background in jewelry manufacturing. For over a decade, he traveled to Singapore, Hong Kong, Taiwan, the United States, Mexico, and other countries to grow the business. This was the result of persistently knocking on doors, sometimes staying for 2-3 months until finding clients.
In 2016, reflecting that customers responded particularly well to silver jewelry, he launched the specialized silver brand ‘Haesuel’. Immediately after launch, the brand gained word-of-mouth for its diverse silver jewelry, reasonable price range of 50,000-100,000 won, and thick plating that does not tarnish. By conducting three rounds of inspection—on products and packaging before shipping—and prioritizing quality, the repurchase rate was raised to 80%.
The same success was seen in online duty-free stores entered in 2017. Recognized for product quality, the brand entered online duty-free channels in 2017 and showed rapid growth immediately. During time-sale events, it achieved sales of 24 million won in one hour. Overseas sales also gained momentum. Based on ongoing OEM international business, the company built an easy-to-access shopping mall site for foreign customers, significantly expanding wholesale operations through the site.
CEO Lee Joo-min explained:

“We are not expanding distribution channels beyond our own mall and duty-free online. Customers who encounter Haesuel in duty-free channels flow into our own mall, which offers a wider variety of jewelry, further activating our own mall.”

Currently, Haesuel’s sales ratio between its own mall and online duty-free is 60:40.
CEO Lee added:

“Although there are various silver jewelry items from low to high price points, as the online duty-free market becomes increasingly flooded with low-priced jewelry, we aim to differentiate with higher-priced items. As brands continue to pour in, only those with strong brand power will survive.”

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⏰ Published on: November 28, 2019