Wearing 10 Million Won per Outfit... What Is the 'Uniclo of Chaebols'? [Luxury World]

Galleria Luxury Hall, High-End Suit Brands Grow by 12%
Fewer People Wear Suits, but Demand for Casual Suits Expands
Rapid Increase in Young 'Grooming Tribe' Showing Taste and Individuality

While the suit market size is shrinking, demand for high-end suits remains strong. As more consumers view suits not just as work attire but as a way to express their personality and taste, they are turning their attention to customized casual suits.

Loro Piana tote bag exhibited at The Wall Street Journal (WSJ) on March 15. [Gettyimage]

According to Galleria Department Store on the 2nd, luxury (high-end) men's classic brands at Galleria Luxury Hall have grown by 12% from early this year to the end of last month. Expanding to the entire Galleria Department Store, the sales growth rate of luxury men's classic brands during the same period is around 14%.

[Photo by Ransmier]

The domestic suit market has been shrinking every year. Since the mid-2010s, major corporations including Samsung Electronics have introduced relaxed dress codes, leading mid-sized and small companies, and recently financial institutions, to no longer require suits. According to the Korea Textile Industry Association, the men's suit market size was about 6 trillion won in the early 2010s but shrank to approximately 4.73 trillion won in 2022. The market size has evaporated by 2 trillion won in just ten years.

The impact was felt mostly by mid-priced suit brands that sold daily workwear. Luxury brands that mainly sold formal suits with crisp shirts and perfectly tailored jackets also lost their footing as buyers gradually disappeared. In the past, Galleria Luxury Hall housed the three major Italian formal luxury suit brands?Brioni, Kiton, and Attolini?but now only Brioni remains.

Instead, the growth in the high-end suit market is being led by casual luxury brands. Major brands located within Galleria Department Store include Stefano Ricci, Brioni, Corneliani, Loro Piana, Brunello Cucinelli, Eleventy, Bloeier, and Man on the Boon. Among these, Loro Piana and Brunello Cucinelli are recognized as Italian casual luxury suit brands.

The reason high-priced casual customized suits sell well is due to the increasing number of men who take care of themselves. The "grooming tribe" (men who invest generously in fashion and beauty) emphasize the image of "self-care" by wearing suits as workwear or everyday clothing. In fact, the fashion industry is seeing "office core look" emerge as a new trend. Office core is a compound word combining "office," meaning workplace, and "normcore," meaning naturalness. Demand has grown for wearing neat and tidy casual suits such as shirts, slacks, and jackets to work.

Another positive factor is that when purchasing high-end suits, tailoring services such as made-to-measure and semi-made-to-measure allow customers to create suits reflecting their personality and taste through fabric, design, buttons, and more. The difference in fabric can be quite significant.

In the fashion industry, Italian fabrics are considered premium. Using high-end fabrics like Loro Piana and Zegna to tailor a suit can push the price into the 10 million won range. Loro Piana, known as the "Uniqlo for chaebols" due to its logo-free clothing, is dubbed the "ultimate quiet luxury." Besides suits, it offers a variety of casual wear, making it popular not only among men but also female celebrities like Kim Hee-ae and Ko So-young.

For suits priced lower than high-end but still valuable, purchases can be made in the 3 million won range. Tailoring services allow customers to wear clothes that fit their body shape comfortably. A man in his 30s working at a large corporation said, "I can show my interest in clothes well," adding, "I like working out, so ready-to-wear clothes can be uncomfortable."

High-end suit brands are enhancing customer-tailored services to further emphasize their premium image. Samsung C&T Fashion Division's suit brand "Galaxy" Lansmere line saw sales grow 15% year-on-year from the beginning of this year to the end of last month. Lansmere is Galaxy's top-tier line offering premium casual suits. The price range for a three-piece suit including a vest is between 1 million and 3 million won. Lansmere provides semi-made-to-measure services that allow adjustments to sleeve length and waist after fabric selection. For loyal "VIP (Very Important Person)" customers, the "Galaxy Leader Club (GLC)" operates, and since the beginning of the year until the end of last month, GLC customer sales have grown more than 30%, centered on premium casual suits.

LF's premium suit brand Maestro's "Albero" also grew 11% year-on-year from the start of this year to the end of last month. Using high-end fabrics such as Zegna, Colombo, and Loro Piana, the typical price range for a suit is 1.59 million to 2.99 million won. A fashion industry insider explained, "Demand for top-tier suits and tailoring continues to rise," adding, "As more men want to present a neat and sophisticated appearance, the market size is expected to grow."