The concept photo of the store concept of’Poare’, a cosmetic brand introduced by Shinsegae International. Poare will open its first store in the main branch of Shinsegae Department Store on the 25th. Provided by Shinsegae International
Korea is a waste of luxury brands. There are companies with outstanding manufacturing capabilities, such as Simone, which manufactures global luxury brand handbags, Cosmax, which produces luxury beauty brand products, and Kolmar Korea, but no brands.
‘Why aren’t luxury brands like Chanel coming out in Korea?’ Shinsegae Group executives including Jung Yoo-kyung, general president of Shinsegae (pictured), asked this question 10 years ago. It raised the’global luxury brand’ as a long-awaited task. Many fashion and beauty luxury brands were imported and sold in Korea. Benchmarked with success and failure.
The prerequisites for the creation of luxury goods derived from Shinsegae Group’s experience and analysis were the strong management’s willingness to look and invest far away, the philosophy to preserve the brand value rather than dwell on short-term performance, and finally, a rich cultural background.
Recently, the management of Shinsegae Group decided that it was time to take the first step. The global K culture craze put the last puzzle piece together. On the 21st, it introduced’Poare’, a global luxury cosmetics brand based on the experience accumulated for 10 years. It is an aspiration to “grow Poare into brands like Korean Chanel and Hermes”.
Opened the 1st store of’Poare’ on the 25th
Shinsegae Group will open its first Poare store in the main branch of Shinsegae Department Store on the 25th. Shinsegae International (SI), a fashion and beauty subsidiary of Shinsegae Group, took over the business. SI is a luxury subsidiary that has been running famous brands such as’Armani’,’Alexander Wang’,’Christian Louboutin’,’Marni’,’Maison Margiela’, and’Stella McCartney’ for more than 10 years.
The history of Shinsegae Group’s luxury challenge dates back to 1992. That year, the overseas fashion division of Shinsegae Department Store began to import Armani. This overseas division became independent in 1996 as a corporation called Shinsegae International. In 2000, it launched’Bun the Shop’, the first luxury editing shop in Korea, and started selling various overseas luxury brands. In 2011, Korea’s first men’s luxury goods store was also opened in the Gangnam branch of Shinsegae Department Store.
It was in 2015 that the dream of nurturing global luxury goods was materialized. In the 1900s, Chanel and Chanel acquired Paul Poare, who led the fashion culture of the French high society. Paul Poare is an innovative brand that frees women from corsets and introduces perfumes for the first time in the world. Founder and fashion designer Paul Poare was called’the king of fashion’ and’Picasso of the fashion world’. In order to compete in the global market with luxury brands such as’Korea’s Chanel’, Shinsegae Group decided that the history and tradition of Paul Poare are necessary.
“I will grow it with Korean Chanel”
SI applied the manufacturing and marketing know-how accumulated while growing the cosmetics business to Poare. SI operates its own cosmetic brand’Bdi Beach’,’Serial”Royby’, and overseas brands’Deep Teak’,’Biredo’ and’Santa Maria Novella’. Last year, it acquired Swiss Perfection, a premium Swiss beauty brand used in 6-star hotel spas. It established a joint venture with Intercos, Italy, the world’s number one color cosmetics manufacturer, and absorbed its manufacturing know-how.
An SI official emphasized, “If you add the French sensibility, which is the home of fashion and beauty, and the history and tradition of over 100 years, and Shinsegae International’s manufacturing know-how and marketing sense, we can develop a global luxury beauty brand.”
Poare’s core value is in detail. Fashion designer Paul Poare went through countless modifications to even the smallest design. It was the secret of Poare’s growth as a luxury brand comparable to Chanel. Poare inherited this philosophy and worked on not only raw materials, but also cosmetic containers and packaging. Only the best ingredients are used in the skin care product, and the outer packaging is coated with a gold color and leather texture to maximize the luxury. The price range was set at a level similar to that of Hermes Beauty. Lipstick is 82,000 won, serum is 220,000-680,000 won, and cream is 220,000-72 million won.
SI is discussing with a local partner to open a Poare store in Paris, France. In addition, it is also pushing for entry into the US, the largest cosmetic market. It is also planning to enter the Middle East, where demand for luxury color cosmetics is high, and China, where luxury brands are preferred. In Korea, it plans to enter major department stores such as Shinsegae Department Store’s main branch, Shinsegae Department Store’s Gangnam branch and Centum City branch sequentially.
Lee Gil-han, CEO of Shinsegae International Cosmetics Division, said, “Through Poare, we will become a global beauty celebrity competing with world-class luxury brands.”
Reporter Min Ji-hye [email protected]