West Elm owner enters South Korean market with new franchise partner
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US-based Williams-Sonoma, the business behind furniture brand West Elm, has confirmed that it has agreed a new franchise partner with Hyundai Livart Furniture Co. Ltd, expanding its South Korean presence.
Hyundai Livart, a Korean furniture manufacturer and distributor and an affiliate of Hyundai Department Store Group (HDG), will have exclusive rights to operate stores, shop-in-shops, and e-commerce for brands in the Williams-Sonoma, Inc. portfolio including Williams Sonoma, Pottery Barn, Pottery Barn Kids and West Elm.
Over the next 10 years, Livart is expected to open more than 30 stores in South Korea across four Williams-Sonoma, Inc. brands, with the first scheduled to launch this spring, which include a West Elm outlet at the Hyundai City Mall Garden Five Mall and a Williams Sonoma store at the HDS Mokdong branch.
Laura Alber, president and CEO of Williams-Sonoma, Inc, said: “We are pleased to announce our latest strategic global expansion with our new franchise partner, Livart. Livart’s market expertise and extensive retail footprint in South Korea will enable us to deliver the same high quality of service that we provide in the United States and around the world.”
Hwa-Eung Kim, representative director and CEO of Hyundai Livart, added: “This franchise agreement will help strengthen our competitive advantage in the domestic premium home furnishings market by complementing existing Livart brands, and we plan to leverage our diverse distribution channels to expand strategically through Seoul and other major cities.”
Questions & Answers
Q.Which specific Williams-Sonoma brands are included in this new franchise agreement?
Which specific Williams-Sonoma brands are included in this new franchise agreement?
The agreement includes Williams Sonoma, Pottery Barn, Pottery Barn Kids, and West Elm. Hyundai Livart will have exclusive rights to operate stores, shop-in-shops, and e-commerce for these brands in South Korea.
Q.How many new stores are planned for South Korea and over what timeframe?
How many new stores are planned for South Korea and over what timeframe?
Hyundai Livart is expected to open more than 30 stores across the four Williams-Sonoma, Inc. Brands over the next 10 years. The first new stores are scheduled to launch this spring.
Q.Where will the first new West Elm and Williams Sonoma stores be located?
Where will the first new West Elm and Williams Sonoma stores be located?
The first West Elm outlet will be located at the Hyundai City Mall Garden Five Mall. The first Williams Sonoma store will open at the HDS Mokdong branch.
Q.What is Hyundai Livart's main strategic goal with this franchise agreement?
What is Hyundai Livart's main strategic goal with this franchise agreement?
Hyundai Livart aims to strengthen its competitive advantage in the domestic premium home furnishings market by complementing its existing brands. They plan to expand strategically through Seoul and other major cities.
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