Thom Browne, the New York-based luxury fashion brand, is making strategic moves to strengthen its presence in Asia. The brand, which is owned by Italian group Ermenegildo Zegna and led by founder and designer Thom Browne, has announced that it will be regaining control of its operations in South Korea. Since 2010, Thom Browne has been operating in South Korea through a partnership with Samsung C&T Corporation.
Under the new agreement, Thom Browne has reached an understanding with its Korean partner to establish a new company, Thom Browne Korea, which will be fully controlled by the luxury house. This move will allow the brand to directly manage all of its activities in the Korean market, starting from July 1. However, Samsung will continue to provide support by overseeing the network of 17 Thom Browne-owned stores in the country.
Thom Browne’s foray into the South Korean market began in 2011 with the opening of its first store in Seoul’s Hyundai Main Department Store. Since then, the brand has expanded its presence with sixteen other spaces in Korean department stores. Rodrigo Bazan, managing director of Thom Browne, expressed confidence in the Korean market and stated that the new agreement will serve as a strong foundation for further growth.
In recent news, Thom Browne emerged victorious in a lawsuit against sportswear giant Adidas, which accused the brand of copying its stripe pattern. This legal victory reflects Thom Browne’s innovation and design prowess. Furthermore, the brand’s financial performance has been exceptional, with a turnover of 330 million euros in 2022, showing a remarkable 25.3% increase from the previous year. The growth was largely driven by wholesale, which experienced a massive 47.7% increase.
During the fourth quarter of 2022, Thom Browne achieved a turnover of 76 million euros, representing an 11.4% increase. Women’s products saw slightly stronger growth compared to menswear, while the children’s line nearly doubled in size. As part of its expansion strategy, the brand also opened eleven new stores in 2022, bringing the total number of owned stores to 63. Retail sales saw significant double-digit growth in the US, Europe, and Japan.
Thom Browne’s decision to take back control of its South Korean operations showcases the brand’s commitment to expanding its footprint in the Asian market. With a solid financial performance and a strong platform in place, it will be intriguing to witness how Thom Browne continues to flourish and establish its presence in the global luxury fashion industry.
For more information on Thom Browne:
1. [Thom Browne Official Website](https://www.thombrowne.com/)
2. [Thom Browne Korea](https://www.thombrowne.kr/)
