April 26, 2024

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[THE INVESTOR] The leading US home and kitchenware company Williams-Sonoma will enter South Korea, partnering with Hyundai Department Store Group’s furniture division Hyundai Livart, according to Maeil Business Newspaper on Oct. 31.

Hyundai has beaten its rival Shinsegae Group and will sign an agreement to secure sales rights for four brands under the Willams-Sonoma’s umbrella: Pottery Barn, Pottery Barn Kids, West Elm and its higher-end eponymous range.

Established in 1956, Williams-Sonoma is the largest home furnishing company in the US by revenue. It reported net revenue of US$4.98 billion in 2015. The group currently operates over 630 outlets in seven countries and South Korea will be the second Asian country after Philippines to have a Williams-Sonoma store.

In addition to opening Williams-Sonoma stores in multiple locations including a flagship store in the first half of 2017, Hyundai Livart will convert some of its own stores into Williams-Sonoma boutiques. Some of the products will be also available at Hyundai Department Store’s major branches as shop-in-shop.

The partnership will be a shot in the arm for Hyundai as it seeks to tackle the country’s ever-growing home furnishing market, which reached 10.5 trillion won (US$9.17 billion) and is estimated to reach 13 trillion won by 2018. IKEA posted over 300 billion won annual sales in a single store since its introduction in December 2014.

By Hwang You-mee (glamazon@heraldcorp.com)