Lotte Department Store Opens Premium Men's Accessories Select Shop 'Smalte'

Lotte Department Store premium men's accessories select shop Smalt store view. (Photo by Lotte Department Store)

[Asia Economy Reporter Seungjin Lee] Lotte Department Store announced on the 26th that it has opened 'Smalte,' the first premium men's accessories select shop in Korea.

'Smalte' is a newly launched men's specialty store reflecting the recent high demand for men's accessories at 'Tops,' a luxury select shop operated by Lotte Department Store that sources products directly from overseas. After about a year of preparation, it was first introduced on the 22nd at Lotte Department Store Guri branch.

Tops successfully launched 'Sneaker Bar,' a premium sneaker select shop, last year. Recently, as young male consumers have become more defined in their tastes and lifestyles and the culture of flexing for oneself has expanded, demand for luxury goods has significantly increased. Reflecting this trend, Smalte was introduced as a men's accessories specialty store.

The main products at Smalte are luxury accessories such as wallets, belts, and clutches. These are considered entry-level products due to their price accessibility when purchasing luxury brands and are also the most commonly bought items as gifts. Luxury accessories have shown steady sales growth alongside the increasing demand for men's luxury goods. In fact, sales from January to September at about 40 Tops stores have grown nearly 30% compared to the previous year.

At 'Smalte,' over 500 products are sold, including wallets, clutches, bags, and accessories from popular luxury brands such as Thom Browne, Bottega Veneta, Loewe, and Celine Homme, as well as watches from Omega, Montblanc, Nomos, and Jin. Additionally, in line with the trend of setting up personalized home offices due to the increase in remote work, customers can also find stationery specialty brands Auto and Penko, Nordic lifestyle brand Hay, and contemporary lighting brand Lumio.

Moreover, since 60% of customers purchasing men's luxury accessories are women buying gifts, the store features an interior design and premium packaging corner that consider the tastes of both men and women, and it offers a mixed selection of genderless items that female customers can also shop.

To commemorate the opening, limited special prices are offered on clutches from popular brands such as Thom Browne and Saint Laurent, as well as watches from Oris, Nomos, and Jin.

Son Euikyung, head of MD Development at Lotte Department Store, said, "As the men's luxury accessories market continues to expand, we have specially launched a store dedicated solely to men's luxury accessories. We plan to introduce various products and marketing efforts to meet the needs of male consumers and will continue to expand Smalte stores mainly in the metropolitan area."