Completely Changed Kooron... "Rebound with Cost-Effectiveness and Sensibility, Targeting Annual Sales of 60 Billion Won" (Comprehensive)

Koo Jae-Hoe, Executive Director of Kolon FnC, Introduces the Significance of Rebranding
"A Deliberation to Survive Fierce Competition"

"Even just seven years ago, domestic handbag brands occupied large spaces in department store accessory sections and achieved annual sales exceeding 100 billion KRW, but now it is difficult to survive with this model. We need to reinvent ourselves as an attractive brand, just as Couronne aimed to do when it first entered the market."

Koo Jae-hoe, Executive Director of the Accessories (ACC) Division at Kolon Industries FnC Division (Kolon FnC) (left), and Lim Se-hee, Kuron Brand Manager, are explaining the background and results of the rebranding at the 2023 Fall/Winter (FW) season presentation held on the 6th at Kir Studio in Seongdong-gu, Seoul.

On the 6th, Koo Jae-hoe, Executive Director of the Accessories (ACC) Division at Kolon Industries FnC Division (Kolon FnC), spoke about the rebranding of the modern luxury handbag brand 'Couronne' at the 2023 Fall/Winter (FW) season presentation held at Kir Studio in Seongdong-gu, Seoul, saying, "This is the result of contemplating how to survive in fierce competition."

Executive Director Koo pointed out, "Currently, domestic handbag brand stores in department store accessory sections operate as small outlets, usually two to three in number. From the consumer's perspective, they can pay a bit more to purchase high-end brands at reasonable prices, and with improved online and offline accessibility, the competitiveness of domestic brands has declined."

Recognizing these limitations, Couronne has been pushing a large-scale rebranding since the beginning of the year, transforming the brand across the board?including logo, color, packaging, product design, and visual merchandising (VMD) in stores. The product lineup has been dualized into 'New Classic,' which inherits and develops the existing heritage, and 'New Trendy,' which captures a unique sensibility. To attract more consumers, the proportion of products priced between 200,000 and 300,000 KRW has been expanded from the current 30-40% to about 60%. While enhancing the efficiency of offline channels in over 60 department store locations nationwide, the company also plans to strengthen its online business targeting younger customers.

Im Se-hee, Couronne's brand manager, said, "We pursued rebranding in a direction that maintains product authenticity while incorporating designs that customers want, reasonable prices, product quality, and designer sensibility," adding, "We will strive to become a brand that pioneers the domestic market."

The handbag brand "Couronne," operated by Kolon Industries FnC Division (Kolon FnC), has set up an exhibition space at Kir Studio in Seongdong-gu, Seoul. The space features sculptures symbolizing the images that inspired Couronne during this season's rebranding process, along with new products.
[Photo by Kolon FnC]

Couronne is a designer brand started by designer Seok Jeong-hye in 2009 with a small store in Cheongdam-dong, Gangnam-gu, Seoul, and was acquired by Kolon FnC the following year. In 2011, it released the 'Stephanie Bag,' differentiated from existing handbags with colors like blue and orange, gaining great popularity and growing into a 'mega brand' with annual sales approaching 100 billion KRW. Currently, with the overall contraction of domestic brands, annual sales have dropped to around 50 billion KRW.

Executive Director Koo said, "Our goal is to increase annual sales to around 60 billion KRW by expanding the brand to include products accessible to consumers alongside existing high-end products and by developing a diverse product lineup," adding, "We will continue to lead change steadily."

Meanwhile, Couronne also showcased an exhibition space announcing the rebranding at the presentation. The exhibition was conceptually designed as a space featuring images inspired by the brand's transformation process and sculptures symbolizing key products under the theme 'Mental Sculpture (an exploration into a new and overwhelming symbol of everyday life).' The space was arranged so that visitors could reinterpret and appreciate the diversity Couronne will present in their own ways.