"Jewelry and Watches Instead of Luxury Bags"... Galleria Department Store Achieves 21% Average Annual Growth Over 5 Years

Jewelry and Watch Sales Increase by 30% in January and February This Year
Strengthening Competitiveness Through Zoning Expansion, New Store Openings, and Renewals
"We Will Introduce Brands Not Yet Launched in Korea"

Galleria Department Store, operated by Hanwha Galleria, has recorded double-digit sales growth for five consecutive years in the luxury jewelry and watch sector. Considering the trend of consumers expanding their luxury purchases from bags to jewelry and watches, strengthening and renewing jewelry and watch brands proved to be effective.

According to Galleria Department Store on the 26th, luxury jewelry and watch sales increased by an average of 21% annually from 2019 to 2024. Last year, the luxury jewelry and watch sector accounted for 15% of total sales, nearly doubling from 8% in 2019. In January and February of this year, sales increased by more than 30% compared to the same period last year, reaching 19% of total sales.

The growth trend is attributed to the premium strategy centered on the Seoul luxury pavilion. Galleria Department Store expanded the zones for luxury jewelry and watch brands, reflecting the shift in luxury consumption trends from bags to jewelry and watches.

The Seoul luxury pavilion expanded its luxury jewelry and watch stores, which were previously operated on East Basement 1 and 1st floor, to East 2nd floor in 2021. Last year, the jewelry and watch zone was further expanded to West 1st floor. German luxury jewelry brand ‘Acredo’ and Italian fine jewelry brand ‘Pope’ newly opened stores. Additionally, high jewelry brands such as ▲Chaumet ▲Tasaki ▲Repossi relocated to the West and underwent renewal.

On the East side, Swiss luxury watch brand ‘Lepage 1839’ under the LVMH group and fine jewelry brand ‘Kirin’ from the Kering group newly opened stores. The pop-up store section was also expanded. Currently, French fine jewelry brand ‘Dinvan’ and Swiss luxury watch brand ‘Chronoswiss’ are operating.

Regional stores also significantly strengthened their premium content. At the Daejeon Timeworld branch, the British luxury jewelry brand ‘Graff’ was introduced last year for the first time outside the metropolitan area, and the Rolex store was renewed with a space three times larger than before. Luxury jewelry and watch sales at the Timeworld branch increased by 45% year-on-year in January and February this year.

They also increased high-value jewelry exhibition events. The Seoul luxury pavilion held quarterly exhibitions of luxury jewelry and watches worth tens of billions of won, attracting customers’ attention. Last month, a spring-themed exhibition called ‘Blooming Garden’ showcased jewelry products worth approximately 8 billion won from 13 brands including ▲Bulgari ▲Graff ▲Chaumet. On the East 4th floor watch exhibition zone, 10 brands including ▲A. Lange & S?hne ▲Breguet ▲IWC exhibited and sold watches exclusively available at Galleria.

Genuine Love necklace from the German luxury jewelry brand 'Bellendorf'. Provided by Galleria Department Store.

Galleria Department Store plans to continuously strengthen its luxury jewelry and watch sector this year as well. In the first half of this year, the Seoul luxury pavilion will introduce the Swiss luxury watch brand ‘H. Moser & Cie’ and the German jewelry brand ‘Bellendorf’ for the first time in Korea. H. Moser & Cie is a watch brand known for its high technical skills and modern design with a touch of wit. Bellendorf, founded in 1893 in Pforzheim, Germany, is distinguished by its unique goldsmithing techniques, featuring ultimate precision and intricate details.

At the Suwon Gwanggyo branch, the luxury watch brand ‘Tudor’ is scheduled to open in April. In the second half of the year, luxury watch brands ‘Hublot’ and ‘Grand Seiko’ as well as the Italian fine jewelry brand ‘Pope’ are planned to open sequentially.

A Hanwha Galleria official said, “We are actively considering the introduction of new luxury jewelry and watch brands that have not yet been introduced in Korea,” adding, “We will continue to discover premium brands to provide customers with new shopping experiences by leveraging our expertise in leading luxury trends.”