W Concept "Industry's First Beauty PB Launch"

[Asia Economy Reporter Yujin Cho] W Concept, the second-largest online fashion select shop in Korea, has launched its own beauty brand 'Hustler' for the first time among online select shops, expanding its business scope.

On the 29th, Choi Juhee, Chief Strategy Officer (CSO, Executive Director) of W Concept, met at the company headquarters in Yeoksam-dong, Seoul, and said, "Hustler, recently launched, is an in-house brand by W Concept that will lead the new mega trend of 'vegan beauty.' We have differentiated in quality by partnering with major U.S. vegan cosmetics manufacturers who create customized products for famous American celebrities like Kim Kardashian based on their skin concerns."

W Concept is a 10-year-old online fashion select shop. It has rapidly grown with working women aged 25 to 39 as its core target group. Brands hosted on W Concept, such as Anderson Bell and Low Classic, have also expanded into offline select shops in SoHo, New York, a fashion mecca in the U.S.

Choi said, "Many hosted brands have told us that 'if you don't get a response on W Concept, it's as if you are not recognized in Korea.' We take pride in the fact that many advanced designers equate W Concept with K-fashion."

The response from overseas department stores has also been positive. Choi said, "After operating a pop-up store at Bloomingdale's in the U.S. last year as a representative Korean fashion brand and receiving a good response, we received numerous proposals from many overseas department stores. Discussions with Saks Fifth Avenue in the U.S. have progressed significantly, but were temporarily halted due to COVID-19."

W Concept plans to actively target the men's fashion market through its private brand (PB) 'Frontrow Man.' To strengthen the men's line, it has secured numerous exclusive brands, and from the 6th of next month, it will separate and reorganize the men's and women's sites. Choi emphasized, "We plan to improve usability and convenience by changing the user interface (UI) and user experience (UX), and in the long term, we will focus on localizing overseas business, including opening new language sites."

In addition to strengthening beauty and men's lines, W Concept also plans to open offline stores as one of the three major pillars of its business this year. Choi said, "We are currently reviewing plans to officially launch offline stores this year."

While domestic fashion companies' performance has sharply declined due to the COVID-19 pandemic, W Concept alone is enjoying a 'solo boom.' Sales from January to May this year increased by 50% compared to the same period last year. Choi pointed to the consumption trend of 'Nasimbi' (a compound word of 'na' [me], 'simri' [psychology], and 'gaseongbi' [cost-effectiveness], meaning consumption for one's own psychological satisfaction) as the background for this boom.

He said, "It seems that W Concept plays a role in satisfying Nasimbi. Just as luxury consumption has increased because people cannot travel due to COVID-19, a consumer culture has spread where people actively open their wallets for products that satisfy them even if the price is high, which has led to good performance."

This content was produced with the assistance of AI translation services.