"Capture the 2030 Young and Rich Golfers"... CJ ENM Embarks on Exclusive Brand Premiumization

CJ ENM's Leading IP 'Basquiat'
Expanding Premium Golfwear 'Basquiat Brooklyn' and More
Brand Diversification... Targeting 400 Billion KRW in Cumulative Orders Next Year
Expanding Fashion Business from Value-for-Money Home Shopping Products to Premium Brands

On the 10th, models are showcasing the new Basquiat Brooklyn products at CGV Cheongdam Cinecity in Gangnam-gu, Seoul.

[Asia Economy Reporter Yuri Kim] "In the Korean market, golf has moved beyond ‘Doing’ to the realm of ‘Showing.’ Basquiat Brooklyn will be showcased in department stores targeting the ‘2030 Young & Rich’ demographic."

CJ ENM Commerce Division is strengthening its efforts to ‘upgrade exclusive brands’ by diversifying sales channels from home shopping to department stores. The core target is golf wear. Aiming at the domestic golf wear market expected to grow to around 6.3 trillion KRW this year, the premium golf wear brand Basquiat Brooklyn will be actively introduced, and the IP Basquiat, used since 2016, will be applied to various brands to diversify sales channels and target age groups.

On the 10th, CJ ENM Commerce Division held the ‘Basquiat Brooklyn 2022 Fall/Winter New Product Launch Press Conference’ at CGV Cheongdam Cinecity in Gangnam-gu, Seoul, announcing plans to grow Basquiat into three brands and achieve cumulative sales of 400 billion KRW next year. Basquiat Brooklyn, which introduced new products this time, differentiated itself from the existing Basquiat Golf by choosing not to sell through its own channels such as TV home shopping and online malls. Instead of focusing on cost-effectiveness and mass sales, it pursues premiumization and sells only through department stores and fashion vertical platforms.

Basquiat Brooklyn, which first debuted with spring/summer products at The Hyundai Seoul popup store last April and recorded sales exceeding 100 million KRW, plans to open popup stores at Lotte Avenuel, Galleria Apgujeong, Hyundai Department Store Trade Center Branch, and others this time as well. Formal entry into department stores is also under consideration. It has completed entry into online platforms such as Musinsa Golf and The Cart Golf. The goal is to generate 8 billion KRW in sales through these channels by next year. It will also expand as a street contemporary brand targeting the MZ generation (Millennials + Gen Z). In mid-month, in collaboration with BKAVE (formerly Barrels), which owns casual brands like Covernat and Waretizen, a casual concept Jean-Michel Basquiat brand will be launched.

CJ ENM Commerce Division aims to expand its core growth category, the fashion business, through these initiatives. By upgrading licensed brands (LB) exclusively operated by CJ OnStyle and diversifying sales channels, it plans to shed its image limited to TV home shopping and lead trends. To this end, it is considering diversifying sales to external online and offline channels focusing on men’s and sports brands such as Basquiat, Brooks Brothers?the first ready-to-wear brand in the U.S.?and Colmar, an Italian luxury padding brand for which it has acquired Korean distribution rights.

Choi Yohan, head of fashion products at CJ ENM Commerce Division, said, "We will continuously discover and nurture brands that can strengthen category expertise in casual, sports, and underwear."

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