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| Models display special editions of IWC, a Swiss watchmaker, during a Luxury Watch Fair at Hyundai Department Store in Apgujeong, southern Seoul in this file photo taken last month. / Yonhap |
By Bahk Eun-ji
Department stores are competing to attract male customers seeking luxury watches.
For a growing number of young, urban and rich men, high-end timepieces are emerging as a must-have item.
Hyundai Department Store saw its sales of luxury watches, mostly imported from Switzerland, rising nearly 30 percent in the first quarter of the year from a year earlier. Its sales are steadily rising ― 31.5 percent last year and 26.3 percent in 2012.
To become luxury watch shopping destinations, department stores are setting up new sections.
Hanwha Galleria, a department store unit of Hanwha Group, recently opened the "Watch Zone," on the first floor of the outlet in Apgujeong, southern Seoul. The brands the zone is handling include TAG Heuer, Breitling, and Baume & Mercier, and other top Swiss watch brands.
The department store has also enjoyed stronger sales of high-end watches, reporting a 11 percent increase so far this year.
A Hanwha Galleria official said male customers looking for luxury watches are increasing consistently. "There are not many items men can show off their fashion preference as well as social status. A watch is a traditional item men can use for that purpose," said the official.
Korean women have long craved for luxury bags and coined a new word, "it-bag." Likewise Korean men's passion for luxury watches also created new words, "it-watch."
"Customers used to buy high-priced watches as a wedding gift in the past, but it became an item for young customers in their 20s to 30s being stylish," the official added.
A Shinsegae Department Store official also said he also sees the changing trend.
"Single male customers who visit its luxury watch hall accounted for 70 percent. They are now replacing newly married couples who used to be the main customers of the hall" he said.
Its sales also increased 16 percent during the first quarter the year, the official added.
Young office workers and businessmen say the watches they wear work as an ice-breaker at a business meeting.
"The watch I wear shows my taste and style. It also affects the first impression I can give to others," said Kang Young-han, a 32-year-old businessman in Seoul.
"When I meet business partners for the first time, I check what kind of watch he or she is wearing and start talking about it first to make the conversation easier," Kang said.
To make the best of the trend, Hanhwa Galleria said it plans to open Vacheron Constantin shop at its Gangam branch this month. It is the oldest Swiss fine watch manufacturer, one of world-renowned high-end watch brands. The price of one wrist watch ranges from 10 million won to hundreds of million won.
Lotte Department Store also recently held "Watch-jewelry Collection" for 10 days. Lotte said it will open the nation's largest luxury watch and jewelry shop in the Lotte World Tower which is now under construction.
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