Gentle Monster has paved the way for new strong players in the Korean eyewear market. Korean brands are eyeing the global stage with differentiated designs and aggressive marketing strategies in the premium eyewear market, which was once monopolized by overseas luxury brands.
According to the industry on the 9th, Korean eyewear brands, led by Gentle Monster, are gaining popularity among foreign tourists and establishing themselves as Neo-Luxury brands.
The popularity of Korean eyewear brands is largely attributed to their unique designs. Gentle Monster opened the door to this trend. It garnered global attention with bold designs and stylish store interiors. With celebrities like BLACKPINK's Jennie and BTS wearing their products, they are becoming increasingly popular overseas in countries like China and Japan.
Thanks to this popularity, Eye Eye Combine, which operates Gentle Monster and Tamburins, surpassed 600 billion won in annual sales as of 2023. The popularity in overseas markets such as China and Japan served as a stepping stone. Operating profit reached 151.1 billion won, a 48% increase compared to the previous year (410 billion won).
Gentle Monster, which was founded as a startup by Kim Han-guk in 2011, has risen to become Korea's representative 'Neo-Luxury' brand, surpassing overseas luxury sunglasses within about 10 years. Ebest Investment & Securities released a report on Eye Eye Combine, evaluating it as 'the next-generation luxury stock in Korea.'
Currently, the most notable emerging brands include Blue Elephant, LASH, and CARIN. These brands are being referred to as 'the second Gentle Monster' and are rapidly growing.
CARIN, launched in June 2014, introduces comfortable and practical eyewear based on the design philosophy that 'the most natural is the most beautiful.' The brand emphasizes a fitted design optimized for Asian facial shapes and delicate details.
The brand is also popular overseas with K-pop girl group NewJeans as its models. CARIN's overseas sales have been continuously growing at a rate of around 30% annually since 2020. Currently, purchases are being made in various countries, including the United States, Canada, Taiwan, Germany, Italy, Turkey, Saudi Arabia, Hong Kong, Vietnam, and Malaysia through its English-language online store.
Launched in 2019, Blue Elephant has quickly emerged as the most notable new brand in the domestic eyewear market within just four years. Particularly since last year, the brand has been experiencing rapid growth in brand recognition, sales, and distribution channels, marking its full-scale leap. Sales reached 1 billion won in 2022, 5.6 billion won in 2023, and are expected to exceed 30 billion won in 2024.
Blue Elephant has integrated all distribution processes, from in-house production to direct sales, thereby increasing product launch speed and maximizing sales. Currently, it operates 16 direct stores in core commercial areas such as Seongsu, Hannam, Dosan, Yeonnam, Hongdae, Sinyongsan, and Ikseondong. This year, the goal is to have 30 direct stores and achieve 100 billion won in annual sales. Additionally, it is set to intensify its global market penetration with the opening of a standalone store in Japan.
LASH, which started in Korea in 2013, is also an emerging power. Known as a brand that grew alongside Gentle Monster in its early years, it later established an independent design philosophy, creating a distinct brand identity.
The popularity of Korean eyewear brands is aided by the global popularity of K-Pop, K-Fashion, and beauty trends. Not only apparel brands but eyewear has also become a key component of K-Fashion. Innovative designs that are often worn by famous K-pop idols have made them a target for imitative consumers both domestically and internationally.
Moreover, Korean eyewear brands are known for offering high quality at more reasonable prices compared to existing luxury eyewear brands. While Gucci, Prada, and Tom Ford sunglasses range from 500,000 won to 1 million won, Korean eyewear brand prices are often less than half of that.
An industry insider noted, 'Korean eyewear has established itself as a critical part of fashion trends. Korean brands are no longer just seen as alternatives, but are recognized as 'Neo-Luxury' brands that global consumers seek out first.'