YG’s K Fashion sells out in 3 days with Chinese & Japanese tourists pouring in
Young casual street fashion
Men in their 30-40’s into bomber jackets
Wholesale Strategy in Select shops & Pop-up Stores
Moving on to Shanghai & Hong Kong
Fashion + Entertainment agency’s synergy
[헤럴드 경제 = 김아미 기자] On the 4th floor of Apgujeong’s Galleria on Sept 12 in Gangnam. In just an hour of the opening, 60 to 70 Chinese and Japanese tourists poured in to the department store. They were targeting one shop – NONAGON’s pop-up store, a fashion brand known by BIGBANG and 2NE1. Hip-hop fashion items like bomber jackets, sweatshirts, and snapbacks, which are thought to be more of teenagers’ items, were actually more popular among men in their 30’s to 40’s.
Cheil Mojik and YG Entertainment’s venture company Natural9, established in 2012, launched a business with a new fashion brand NONAGON. Having 51% and 49% of shares respectively, NONAGON’s teaser image released since April aroused much attention. Their pop-up stores was the most searched word on the engine on the day of its launch – and it is not even their official store.
According to personnel from Cheil Mojik, one fourth of the limited stock sold out in just 3 hours of the opening.
Fashion company and entertainment agency going hand in hand became the grand beginning of K-Fashion.
▶K-Pop goes on to become K-Fashion= YG, the hub of K-pop artists, and Cheil Mojik, one of South Korea’s top fashion companies, created a brand image of NONAGON based on K-pop artists/fashion icons BIGBANG and 2NE1, putting an emphasis on a young street casual look.
Most items use jerseys or leather, and prices range from KRW 200,000 for sweatshirts, KRW 400,000 for jackets, KRW 900,000 for down jumpers to KRW 50,000 for snapbacks – ranging from medium to high.
Apart from Galleria Department Store’s luxury brand hall, the pop-up stores and select shops will be launched in 10 Corso Como Cheongdam and Avenual, Beaker Cheongdam and Hannam while in other countries as well like 10 Corso Como in Milan headquarter, Shanghai and Hong Kong.
As a global fashion, NONAGON chose to go with stores that are not official shops. This is a strategy that goes in line with the current trend of companies choosing to expand their fashion business through select shops and pop-up stores. NONAGON aims to reach a sale of KRW 100 billion by 2017. The stock market raised the target stock price and investment opinions of YG on Sept 15, taking note of the synergy effect created by the brand launch.
▶ G-DRAGON, in the center of K-Fashion= YG recently announced that it attracted $80 million from LVMH’s private equity fund L Capital Asia (world’s largest luxury brand group). Despite L Capital Asia aggressively expanding itself by investing in many promising countries in the developing region, it is its first attempt in South Korea. Billboard even mentioned its investment in K-pop culture factory YG, spotlighting their strategic partnership.
But this is nothing new. Louis Vuitton has continuously asked to do this with YG artists, especially with G-DRAGON. In 2009 when GD first kicked off his solo, LV provided an exclusive sponsor. GD’s influence is certainly powerful in the global fashion world. The high-class Chanel gifted him with a backpack and a pouch while sponsoring his entire outfits and props for his music video. Chrome Hearts, which hardly sponsors South Korean celebrities, made one and only item just for GD. Marc Jacobs and Saint Laurent also jumped in by sending GD hand-written letters, along with bags and clothes.
So, YG’s marketing using its artists and the know-how’s built on by Cheil Mojik are enough to lead K-fashion with NONAGON, ushering in an era of Korean Wave 3.0.
2014. 9. 16.
