Editor’s Note
This article highlights the sustained growth of the luxury jewelry and watch sector at Galleria Department Store, with sales increasing at an average annual rate of 21% over the past five years. The segment’s share of total sales has nearly doubled since 2019, reflecting its growing importance in the luxury retail market.
Galleria Department Store has maintained double-digit growth in the luxury jewelry and watch sector for five consecutive years.
According to recent data compiled by Galleria on the 26th, sales of luxury jewelry and watches increased by an average of 21% annually from 2019 to 2024. Notably, the share of the luxury jewelry and watch segment in total sales rose to 15% last year, nearly double the 8% share in 2019. In January-February of this year, sales surged by over 30% compared to the same period last year, reaching 19% of total sales.
This growth is attributed to a premium strategy centered on the Seoul luxury hall. It is analyzed to be the result of ▲strengthening luxury jewelry and watch zoning that reflects trends and ▲expanding events such as Korea’s highest-priced jewelry exhibitions. In recent years, the company has reinforced related categories, reflecting the shift in luxury consumption trends from being handbag-centric to expanding into jewelry and watches.
In the Seoul luxury hall, the luxury jewelry and watch stores, previously operated on the B1 and 1st floors of the East building, were expanded to the 2nd floor of the East building in 2021. Subsequently, last year, a jewelry and watch zone was established on the 1st floor of the West building.
Last year, the German luxury jewelry brand ‘Acredo’ and the Italian fine jewelry brand ‘Pomellato’ newly opened on the 1st floor of the West building. Additionally, high jewelry brands such as ▲Chaumet ▲Tasaki ▲Repossi moved to the West building for renovations, further strengthening the luxury jewelry zoning.
In the East building, the Swiss luxury watch brand ‘Louis Erard 1839’ under the LVMH group and the fine jewelry brand ‘Qeelin’ under the Kering group have newly opened.
Pop-up stores are currently operated by the French fine jewelry brand ‘Dinh Van’ and the Swiss luxury watch brand ‘Chronoswiss’.
Regional stores have also significantly strengthened premium content. At the Daejeon Timeworld branch, the British luxury jewelry brand ‘Graff’ was introduced for the first time outside the capital region last year, and the Rolex store reopened after renovation in a space three times larger than before. Thanks to steady popularity, luxury jewelry and watch sales at the Timeworld branch grew by 45% year-on-year in January-February of this year.
The Seoul luxury hall held quarterly exhibition events for luxury jewelry and watches worth billions of won, attracting customer attention. Last month, to welcome spring, an exhibition event themed ‘Blooming Garden’ was held, showcasing jewelry products worth 8 billion won from 13 brands including ▲Bulgari ▲Graff ▲Chaumet. In the watch exhibition zone on the 4th floor of the East building, exclusive Galleria watch products from 10 brands including ▲A. Lange & Söhne ▲Breguet ▲IWC were displayed and sold.
Galleria Department Store plans to continue strengthening the luxury jewelry and watch sector this year as well.
Galleria will introduce the Swiss luxury watch brand ‘H. Moser & Cie’ and the German jewelry brand ‘Wellendorff’ to Korea for the first time in the first half of this year at the Seoul luxury hall. Moser & Cie is a watch brand known for its high technical prowess, modern design, and added wit. Wellendorff, a brand founded in 1893 in Pforzheim, Germany, is characterized by unique goldsmithing techniques, ultimate precision, and exquisite detail.
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.
