Supreme, the iconic streetwear brand, has opened its first store in South Korea, located in the upscale Gangnam district in Sinsa-Dong. The store, which opened earlier this month, is the brand’s largest Asian flagship yet and the 16th standalone store in the world.

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The opening of the store attracted a large crowd of eager customers, who queued outside in anticipation of acquiring the brand’s exclusive streetwear tailored for the South Korean market. Supreme was acquired by VF Corporation for $2.1 billion in 2020 and currently has a bricks-and-mortar presence in seven nations, including the United States, the United Kingdom, France, Italy, Germany, Japan, and now, South Korea.

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According to an interview with GQ, Supreme sees a lot of room for growth in South Korea. Brand director Todd Jordan revealed that Supreme had been eyeing Seoul for the last six years, and that the city’s vibe was a major factor in the decision to open a store there. James Jebbia, the founder of Supreme, said that Seoul is as important as Tokyo or Paris, and that the target market in the city is “super cool and sophisticated”.

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The global skateboarding market was valued at US$145 million in 2022 and is anticipated to reach US$166.8 million by 2031, according to Lyndall Spooner, CEO of Fifth Dimension, a consulting firm. Spooner believes streetwear has enjoyed tremendous success because it offers the exclusivity and ‘street cred’ of legacy luxury brands, often for a fraction of the price.

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Supreme is also looking to break into the Chinese market, following its entrance into the country last year through a collaboration with the upscale multi-brand retailer Dover Street Market in Beijing. However, Jebbia told GQ that it’s all about “feelings and dynamics on the ground”.

Sources: https://insideretail.com.au/business/how-supreme-balances-price-point-and-prestige-to-win-over-streetwear-fans-202308