SOUTH KOREA. Shinsegae Duty Free will introduce German fine watch brand A. Lange & Söhne’s first duty free boutique in the world on 1 June at the retailer’s Myeong-dong, Seoul store.
The premium watch house releases fewer than 5,000 timepieces annually. In line with the company’s commitment to quality and heritage, the movement and balance spring (the heart of a mechanical watch) are produced in-house.
Shinsegae Duty Free noted that although the brand’s pricepoints range “from tens of millions Korean Won to hundreds of millions”, it enjoys a strong community of loyal fans and customers. That loyalty is driven by the house’s hand-crafted precision and use of luxurious materials such as gold and platinum, the retailer commented.
“With the recent launch of A. Lange & Söhne along with Rolex and Breguet, Shinsegae Duty Free will become Korea’s leading high-end watch house”
“In the luxury watch market mostly occupied by Swiss brands such as Patek Phillippe and Vacheron Constantin, A. Lange & Söhne retains its standing as Germany’s leading luxury brand, showing rapid growth each year,” said Shinsegae Duty Free.
Shinsegae Duty Free’s flagship Myeong-dong store houses 75 watch brands. Since the multi-storey shop opened in May 2016, the monthly sales growth rate for watches has reached around +380% on average, reflecting foreign customers’ preference for luxury watches.
A Shinsegae Duty Free spokesman said, “With the recent launch of A. Lange & Söhne along with Rolex and Breguet, Shinsegae Duty Free will become Korea’s leading high-end watch house. We plan to continue offering our unique services strengthening marketing and VIP and Chinese customer invitations.”
Shinsegae Duty Free generated sales of around US$1.2 billion at its Myeong-dong store last year, with another US$240 million at the company’s acclaimed Busan downtown shop.
A second Seoul downtown store will open in the Gangnam area in July. Shinsegae Duty Free is also awaiting the results of the tender at Incheon International Airport Terminal 1, where it has bid for the concessions vacated earlier this year by Lotte Duty Free.
