“It’s just the ‘old money look’ style that’s popular these days.”
On the afternoon of the 31st of last month, in front of a building on Garosu-gil, Gangnam-gu, Seoul. ‘Pappy’ (fashion people) who looked stylish to the fullest were lingering in front of the store. The event venue announcing the domestic launch of New York’s luxury select shop ‘Barneys New York’ was decorated with the concept of being in New York. Hundreds of people from the industry, including actress Ki Eun-se and idol (G)I-DLE member Jeon So-yeon, as well as influencers, fashion editors and buyers, gathered. Those who were chatting in groups agreed that the Barneys New York collection was “the epitome of the old money look.” Barneys New York is a premium private brand ( PB
) of Barneys New York, a famous American department store founded in 1923, and is operated by CJ ENM in the domestic market . In October last year, CJ ENM signed an exclusive license agreement for the operation of the domestic fashion business with the American Authentic Brand Group ( ABG ), which holds the sales rights to Barneys New York. Barneys New York, considered one of the brands preferred by ‘New Yorkers’, is well known for its differentiated designs and sewing techniques, and has a significant fan base in Korea. CJ ENM
incorporated the concept of the old money look, the latest fashion trend, into the design of Barneys New York’s fall/winter season collection. ‘Old money’ refers to wealthy people who have inherited wealth from generation to generation. The key to the old money look is to create a relaxed upper-class atmosphere with luxurious materials메이저놀이터 and simple designs without flaunting wealth. Also known as ‘golden spoon fashion’, the characteristic of this old money look trend is to create a mature image close to middle age with neat shirts and knits.
Barneys New York’s price range is around 400,000 won for trench coats, 400,000-600,000 won for fall jackets , 200,000 won for knitwear, and 300,000 won for dresses. Some products have very high prices. A herringbone coat made of Italian Zegna fabric costs over 2 million won. The Bizentino check jacket and pants, if purchased as a set, cost around 2 million won, and fashion editors who visited the event showed particular interest.
The bold colors, such as red and green, and the calm colors, such as black, brown, and light brown, were evenly harmonized to show the bold, modern, and elegant brand concept at a glance. A CJ ENM official said, “We have created blouses, knitwear, and bottoms with designs that women have recently worn,” adding, “We are leading the luxury trend in the domestic fashion market with the sensibility of Barneys New York, which led the American fashion industry and dominated the era as a trend curator.” “I will do it,” he said.
Barneys New York is sold only on ‘CELEBSHOP’, a fashion vertical platform launched by CJ ENM this month. Celeb Shop targets women aged 35 to 44, the millennial generation, and allows them to use two platforms: domestic designer brands and foreign designers and luxury brands in one application (app). The online shopping fashion transaction amount announced by Statistics Korea in 2022 amounts to KRW 52.0694 trillion, a 4% increase from the previous year. CJ ENM noted that there are few existing fashion platforms targeting female customers in their 30s and 40s. It was thought that there would be demand because they are a class that is sensitive to fashion and has purchasing power. The company emphasized, “Celeb Shop is focused on brands that millennial women like.” CJ ENM , which already has a fashion platform represented by CJ OnStyle, launched a new brand and a separate fashion app because it needed a next-generation growth engine separate from home shopping. Home shopping companies are suffering from worsening performance due to intensifying competition in the distribution market, such as a decrease in the TV viewing population and the influx of e-commerce. CJ OnStyle TV broadcast sales are also decreasing, reaching KRW 640.1 billion in 2020, KRW 560.5 billion in 2021, and KRW 492.5 billion last year.