[Marketing Secret] Expanding Online Business with 35 Years of Jewelry Industry Know-How

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"Overseas sales, which were 180 million KRW in the first year of overseas expansion last year, have recorded cumulative sales of over 1.5 billion KRW as of October this year. We plan to actively target the overseas market."

Lee Yong-su, CEO of Goldpang, said this in an interview with Asia Economy on the 29th, explaining, "We have attracted customers by expanding the know-how accumulated over 35 years in the jewelry industry into the online domain."

Lee Yong-su, CEO of Goldpang [Photo by Goldpang]

CEO Lee has maintained his reputation in the jewelry industry for 35 years. He established his presence in Jongno, a representative precious metals commercial district, operating overseas trade in jewelry as well as precious metals manufacturing and wholesale distribution businesses. Since 2013, he expanded his business online by launching the Goldpang D2C (direct-to-consumer) brand using the global e-commerce platform ‘Cafe24’.

Last year, he formed a partnership with ‘Rich Garner,’ a subsidiary of Berkshire Hathaway and a renowned American precious metals accessory company, and launched the brand ‘Korea Jewelry Accessories (KJF).’ Through this shopping mall, various jewelry products have been introduced to overseas markets, rapidly increasing overseas sales revenue.

CEO Lee stated, "Through diverse accumulated experiences in precious metals manufacturing, wholesale distribution, and trade, and thorough preparation processes, we have rapidly increased sales even during the long-term industry downturn caused by the COVID-19 pandemic." He added, "Based on a management philosophy of never producing or selling anything unless fully satisfied with the quality, we continuously research and challenge ourselves to develop new products."

One of Goldpang’s secrets to popularity is its unique designs. Operating its own design research center, it has introduced over 4,000 products applying distinctive techniques. A representative example is the ‘Hollow’ technique design, which creates empty spaces inside the product to give a thicker volume feel than the actual weight. By utilizing various techniques and offering products at reasonable prices, demand is increasing not only among the main customer base of women in their 30s and 40s but also among the MZ generation (Millennials + Generation Z). In particular, the chunky jelly bear pendant and chunky whale tail pendant, released in March and July this year respectively, have become very popular with cumulative sales exceeding 3,500 and 1,900 units.

Goldpang plans to continuously develop and release new products combining minerals such as ‘Moissanite’ and its own chain designs. Additionally, it intends to develop the currently operated brand D2C shopping mall into an online shopping platform and build overseas malls to accelerate global market expansion.

CEO Lee said, "Currently, pet jewelry brand ‘Goldpet’ and contemporary fashion brand ‘Msciel’ are housed, and we are receiving inquiries from brands wishing to join to offer a diverse lineup of products." He emphasized, "We recently celebrated our 10th anniversary and successfully relocated our headquarters. We will continue to grow Goldpang into a visionary global company without settling for the status quo."