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TAG Heuer S.A. will begin direct operations in South Korea next year after its Korean unit and local distributor, Myungbo Inc., inked a contract for the transfer of operations. The agreement was revealed by sources who have knowledge of the matter on Tuesday, Dec. 19.
As per The Korea Economic Daily, TAG Heuer will finalize the takeover of operations in Korea within the first two quarters of 2024. After this, the plan is to proceed and start the direct operations of all the brands' store outlets in the second half of the year.
LVMH Amplifies Watch Brand Awareness in Korea
TAG Heuer is an LVMH Moët Hennessy Louis Vuitton subsidiary, a leading French luxury goods retailer. The company bolstered consumers' awareness of its luxury watch brand in Korea by introducing its Aquaracer and Carrera sports watch collection lineup.
Moreover, TAG Heuer's parent organization hired Korean football star, Song Heung Min, to be its global ambassador. Now, for its expanded efforts to increase sales and customers of the watch brand, LVMH decided to improve the firm's direct operations in the region.
"Direct operation requires fixed costs like labor and rent, but it can increase sales margin as it saves fees for local distributors," a business insider said in a statement. "While the global luxury market is expected to slow down amid the economic downturn, LVMH is focusing on Korea which performs better than other markets."
Direct Operation Scheme
TAG Heuer Korea will implement direct sales in some outlets starting Jan. 15, 2024. By the second half of the year, all local stores are going to be operated and managed by the watchmaker's Korean division.
Finally, Korea's EDaily News further reported that TAG Heuer currently has 50 locations nationwide. Stores nationwide. Initially, the direct sales will only be carried out in four major metropolitan outlets: the branches in the Lotte Department Store Main, the Shinsegae Department Store in Gangnam, Avenuel, and the Galleria Department Store.
Photo by: Maurício Souza Mau/Pixabay
