12 Trillion KRW Korean Golf Market Growing 7% Annually... Premium Golf Fashion 'Popular'

[Asia Economy Reporter Cha Min-young] As the domestic golf market continues to grow at an annual rate of around 7%, golf wear is also enjoying a boom. Additionally, with the spread of the so-called 'Golfstagram' culture (a combination of golf and Instagram) mainly among young golfers in their 20s and 30s, demand for premium golf fashion is steadily increasing.

According to the industry on the 27th, Kolon Industries FnC Division's golf business unit recently signed an official import and sales contract for the imported golf wear brand 'G/FORE'. This is the first time they are handling an imported brand rather than their own brand. Under the concept of 'disruptive luxury,' they will directly import and sell golf shoes, golf gloves, hats, etc., and plan to launch licensed apparel products in the 2021 spring/summer (SS) season.

G/FORE is a golf specialty brand launched in 2011 by fashion designer Massimo Gianulli in Los Angeles (LA), USA. It gained popularity for its trendy golf fashion reflecting Hollywood sensibility. In Korea, it is available at locations such as Lotte World Tower Avenue L Golf Hall. Overseas, it is only stocked at major premium golf clubs and select shops. The representative product is the 'Signature Color Glove' made from AA-grade lamb leather, featuring a sophisticated design and 13 color options. The new slip-on type golf shoes, snapback hats, and signature logo design are also well-known.

In addition, imported premium golf brands boast high demand despite prices reaching several million won. For example, Japan's Mark & Lona is a brand that uses bold patterns and materials such as camouflage, and in 2018, they appointed Japan's national actor Takuya Kimura as a model, solidifying their position as a luxury brand. Based on the 2019 fall/winter (FW) new products, men's items include knit windbreakers priced at 898,000 won, goose down vests at 798,000 won, wool pants at 598,000 won, and camo long-sleeve T-shirts at 458,000 won. Women's items include goose down jackets priced at 998,000 won, down windbreakers at 898,000 won, and embroidered culottes skirts at 458,000 won.

American brands PXG and Titleist, which emphasize functional 'doing golf wear,' also have high price thresholds. PXG men's items include heavy down jumpers at 1,290,000 won, safari down jumpers at 999,000 won, and two-tone pants at 419,000 won, while women's items include safari down jumpers at 1,090,000 won, hybrid knit down jackets at 699,000 won, and premium long-sleeve T-shirts at 379,000 won. Titleist men's long down jumpers are priced at 858,000 won, and packable padding at 378,000 won, while women's long down jumpers are 1,118,000 won and lightweight down jackets are 498,000 won.

As the domestic golf market continues to grow, demand for such premium golf wear is expected to steadily increase. According to the 'Korea Golf Industry White Paper 2018' by the Yuwon Golf Foundation, the size of the Korean golf market was 12.4028 trillion won as of 2017. It increased by 1.6538 trillion won over the past two years, growing at an annual rate of 7%. The survey defined the 'primary market' as those who play golf directly or watch as gallery or TV viewers, accounting for 4.9409 trillion won (39.8%), while the 'derivative market' including golf equipment, golf course operations, and facility management accounted for 7.4619 trillion won (60.2%).

The culture centered on the younger generation actively using social networking services (SNS) as a hobby is also one of the factors leading to demand for golf wear. In fact, searching the hashtag 'Golfstagram' on Instagram yields about 15,300 posts. For 'Golstagram,' about 627,000 posts are found.

A Kolon FnC official stated, "(Regarding the official import of G/FORE) It seems that the U.S. headquarters of G/FORE valued not just purchasing an external (golf) brand but the fact that we have created and operated a brand ourselves for over 30 years." He emphasized, "This achievement was made after several consultations with the headquarters, and we plan to aggressively expand the brand this year."