Hyundai Department Store Group headquarters [Courtesy of Hyundai Department Store Group]
Handsome Corp., the fashion company under South Korea’s Hyundai Department Store Group, is making aggressive moves to expand its portfolio of overseas fashion brands.
On Monday, Handsome announced an exclusive distribution agreement with Kith, an American lifestyle multi-brand store and street fashion brand.
Based on this partnership, Handsome is set to open the first Kith store in Seoul during the first half of next year. This will mark Kith’s fourth global store and its second in Asia, following its presence in London, Paris, and Tokyo.
Kith, which started as a small multi-brand store in Brooklyn, New York in 2011, has grown into a global fashion brand through collaborations with renowned fashion designers and global brands.
Handsome also has exclusive distribution agreements with Canadian outerwear brand MOOSE KNUCKLES and Italian fashion brand ASPESI, with new stores in the works.
MOOSE KNUCKLES plans to open five official stores and over 20 pop-up stores in department stores and outlets, starting next month with The Hyundai Daegu. ASPESI is also planning to establish around 10 stores by next year, following its debut at the Hyundai Department Store’s Pankyo branch next month.
Handsome will also be launching an online-only licensed brand called “London Underground,” inspired by the London subway system. This unisex street fashion brand will release about 60 products, including clothing and accessories, on a separate website and Handsome’s online store, “EQL,” next month.
This marks the first time that Handsome is introducing a brand utilizing non-fashion licenses.
Since announcing its strategy to expand its portfolio of overseas fashion brands last year, Handsome has been making significant strides, signing contracts with Swedish designer brands and targeting niche markets to cater to diverse customer preferences.
By the end of this year, Handsome aims to increase the number of overseas fashion brands to over 20 and expand its product range to include fragrances and accessories. The company envisions doubling its current revenue in the overseas fashion segment to reach 1 trillion won ($780 million) within the next five years.
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