Korean jewelry brand sets up shop on NY`s Fifth Ave.

J.Estina has focused on the four P`s of marketing –- product, price, place and promotion –- over the past two years to enter New York, the world’s fashion capital.

○ Target marketing

New York`s Plaza Hotel, where the Korean jewelry brand opened its store in the first-floor shopping arcade, is located on Fifth Avenue, a district known for high-end department stores and designer brands. Restaurants and cafes there are venues for social networking of celebrities and fashion leaders.

"Sex and the City" stylist Patricia Field, fashion expert Mary Alice Stephens, who consulted for actress Halle Berry, and New York Fashion Week founder Fern Mallis attended the opening party. They said opening a store in a place representing New York has a symbolic meaning for a Korean jewelry brand.

Given the current condition of the U.S. market, the jewelry company said its New York store is in the best place for “target marketing” without a huge investment. MCM, a handbag maker of the Sungjoo Group, opened its first shop in New York in the hotel and expanded its distribution channels.

J.Estina has effectively taken advantage of star marketing. It has had a partnership with Korean figure skating superstar Kim Yu-na since 2008 and used Girls’ Generation, a popular Korean music group, to advertise a new handbag line launched in September this year. Based on its experience at home, the company plans to start promotions in New York.

○ A challenge to Tiffany

A tiara, a key design motif of the brand, reminded Korean consumers of a girl or victory. Its main image is a double-edged sword. The global market seems to recognize it as a differentiating element, however.

Mallis said, “When I saw the tiara, I thought it was classy because it reminded me of the British royal family.” On the fear that the brand`s origin might be a weakness in New York, she said, “For rational American customers, the quality of products matters more than their origin. Maintaining quality and keeping design steady are important.”

J.Estina realigned its brand portfolio in line with its entry into New York, including "E.S. donna," a luxury brand with the company`s most expensive product worth 30,000 U.S. dollars, to its collection. The new fashion jewelry collection “Jovanna in New York” costs around 200 dollars.

Furthermore, J.Estina launched “modern couture jewelry” engraved with the Plaza Hotel’s logo. This is the company`s flagship item with a price tag of 85,000 dollars and requires a custom order.

“A market study found that Tiffany is the only brand that offers products with a wide range of prices in the U.S.,” J.Estina CEO Kim Ki-moon said, adding, “We will compete against Tiffany by providing a variety of options ranging from an affordable collection to the most expensive one.”