Hyundai Department Store invests 2 billion KRW in accessory startup 'Smith and Leather'

Smith & Leather attracts over 10,000 customers monthly since opening
Plans to open Daegu and Jungdong stores within the year... Expansion to Trade Center store planned
Hyundai Department Store strengthens content targeting MZ generation... Expands startup discovery efforts

Exterior view of the Smith & Leather store at The Hyundai Seoul.

[Asia Economy Reporter Jeon Jin-young] Hyundai Department Store is investing 2 billion KRW in an accessory startup. This is part of strengthening content targeting the MZ generation (Millennials + Generation Z).

On the 9th, Hyundai Department Store announced that it will invest 2 billion KRW in the natural cowhide leather customization accessory startup, Smith & Leather.

Smith & Leather is a brand offering natural cowhide leather products such as smartphone cases, car key cases, and golf accessories. It is highly popular among MZ customers due to differentiated, customized content such as pre-purchase consultations and engraving desired phrases on smartphone cases.

Hyundai Department Store stated that this investment was made to strengthen content targeting MZ customers. Among Smith & Leather customers who entered The Hyundai Seoul, Pangyo, and Mokdong stores last year, more than 60% were under their 30s. Of these, over 80% were new customers with no prior purchase experience at Hyundai Department Store, playing a significant role in acquiring new customers.

The investment funds will be used to expand Smith & Leather’s sales network and enhance product competitiveness. Hyundai Department Store plans to open new stores at Daegu and Jungdong locations within this year and expand to the Trade Center store next year.

A Hyundai Department Store official said, “Through investment in startups targeting MZ generation customers, we plan to continuously strive to differentiate MD and strengthen young and luxury content,” adding, “We will continue to discover various startups targeting MZ customers and expand our investments.”

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