Shinsegae Department Store "In April, Men Bought More Luxury Goods Than Women"

[Asia Economy Reporter Cha Min-young] Despite the novel coronavirus infection (COVID-19), Shinsegae Department Store's men's luxury segment recorded double-digit growth rates in April.

Shinsegae Department Store announced on the 16th that sales in the men's luxury category increased by 11.1% compared to the previous year from April 1 to 13. During the same period, it was the second-best performance among all categories at Shinsegae Department Store, following large home appliances (32.9%), surpassing general luxury goods focused on women (3.3%).

By age group, men in their 30s accounted for 37.8%, followed by those in their 40s (29.8%) and 20s (11.6%). In terms of growth rate, men in their 20s showed the steepest increase at 53.6%.

Shinsegae Department Store attributed the rise in the men's luxury segment to its men's specialty store strategy. In 2011, Shinsegae Department Store introduced the country's first men's specialty store at its Gangnam branch. Subsequently, in 2013, it opened luxury men's specialty stores at Busan Shinsegae Centum City and in 2014 at the main branch.

In 2016, the Gangnam branch men's specialty store also launched the country's largest men's section, 'Men's Salon.' The Gangnam branch 'Men's Salon' completed a full line of men's luxury brands such as Louis Vuitton, Berluti, Fendi, and Lardini. The Louis Vuitton and Fendi men's-only stores at the Gangnam branch were the first of their kind in Korea, and Lardini's was the world's first standalone store.

As the men's specialty stores expanded, the proportion of male customers in department store sales has increased every year. Before opening the men's specialty store, male customer sales accounted for 28.1% of total sales in 2010, but after the Gangnam branch Men's Salon was established in 2017, it rose significantly to 34.1%, and last year it increased further to 35.8%.

Accordingly, Shinsegae Department Store will hold a 'Men's Week' event at the Gangnam branch for three days from the 17th to the 19th, showcasing new luxury men's products as well as men's exclusive beauty products. Brands such as Burberry, Zegna, Emporio Armani, and Man on the Boon will be featured. Men's exclusive beauty brands Tom Ford Beauty and Santa Maria Novella will also participate.

During the event, a promotional offer will be available. Customers who purchase a certain cumulative amount or more from a single brand in the men's category using Shinsegae affiliated cards will receive a 5% gift certificate based on the purchase amount.

Lee Sung-hwan, Executive Director of Sales Strategy at Shinsegae Department Store, said, "Recently, men's luxury goods have been performing well, and despite COVID-19, men's interest in fashion continues," adding, "As the number of men with fashion sense and self-directed consumption comparable to women is expected to increase, we will implement various strategies to capture this market."

This content was produced with the assistance of AI translation services.