Palace Forges Ahead in Asia With Largest Flagship in Seoul
LONDON — In the latest step of British skate and streetwear brand Palace’s global expansion, the brand on Saturday will unveil its largest flagship to date in Seoul, coinciding with the fall 2024 edition of Seoul Fashion Week, now on through Feb. 5.
Situated in Apgujeong, a popular shopping destination for luxury and streetwear in Seoul, the Palace location occupies a building offering 5,037 square feet of retail space across two floors.
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On the outside, the store goes minimal with only one 3D Palace logo on a white facade.
The interior, on the other hand, is inspired by a Korean palace, but through the brand’s witty and modern lens with carved-out green wooden walls, marble podiums for product display, stone benches, a giant bulldog statue, a curved mirrored wall used as a display for skateboard decks, and audio-visual installations.
The Seoul location is Palace’s second store in Asia, and seventh worldwide. It also operates stores in London, New York, Tokyo, and Los Angeles, and sells via concessions inside Dover Street Market in London and Los Angeles.
The brand is also available in China via Tmall and WeChat mini-program. The brand also threw a buzzy pop-up in Shanghai at the end of 2019, which led to speculations that a permanent location would be eventually unveiled. Brand cofounder Levent Tanju, who was named the creative director of Fila+ last month, later denied that possibility in an interview with local press in China.
At the time, it was also reported by WWD that the brand held under-the-radar discussions to sell a stake to help fund a retail expansion, develop its organization, and manage a fast-growing business.
According to a filing with Companies House for the year ended Jan. 31, 2023, Palace’s turnover increased 15.42 percent year-over-year to 31. 98 million pounds, or $40.79 million. The brand’s gross profit margin slipped slightly to 37 percent compared to 40 percent in 2022.
The company said it benefited from the global bounce-back in trade following the years impacted by COVID-19, which helped contribute to turnover growth to its customers in the U.K. as well as to its subsidiaries, with buoyant demand locally and overseas.
The brand also revealed that the sales of goods to customers based in Europe were performed by its Dutch subsidiary, Palace Skateboards BV, from Feb. 1, 2022.
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