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In 1995, Huikuen Corporation was established based on our 20years of experience in the field of leather shoemaking and our craftsmanship determined to make only the best products. We specialized in crocodile and ostrich handbags and exported them to Japan. In 2001, we developed our own brand “Hormiga” to overcome the limitations of OEM and registered it as a trademark. In the same year, we exported our products in our own brand to Japan. In 2006, we launched Hormiga in the South Korean market of luxury brands, which was a very barren market for domestic brands. We challenged ourselves in the market of highest-grade crocodile handbags, which was overwhelmed by import crocodile handbags, to contend for victory. In August, 2009, we opened our first boutique at the Gangnam branch of Shinsegae Department Store. Today we run 15 boutiques under our direct management at Hyundai and Lotte Department Stores.
2015 : opened LOTTE Dept store, in chengdu, china/ YANSHA Dept store in Cuiwei,
Beijing, china / Flagship store in cheongdam, Korea
2014 : opened Lotte duty-free shop in Myeongdong, Korea and Launched at secoo,
the biggest luxury boutique mall in china
2013 : Opened HYUNDAI Dept store, Chunho and Jungdong, korea/ brand shop in
Beverly hills, LA Walkerhill duty-free shop in korea
2012 : January , Obtained the world’s first patent for crocodile hide processing technique
June, Applied for patent for crocodile hide processing technique in China
August, Registered “Hormiga” trademark in China
Market Environment of the U.S.A.
“Increasing Polarization of Consumption”
The economic downturn has given the biggest blow to the middle class,
but demands for high-priced products are still going strong, which indicates the increasing polarization of consumption in the nation.
For instance, high-priced padded coats (e.g. Moncler) in the range of 1,500 to 3,000 dollars sold out at full price,
whereas middle-priced padded coats (e.g. DKNY) in the range of 300 to 500 dollars are on huge discount sales.
“Expansion of the Korean Wave and the Advancement of Korean Brands”
The expansion of the Korean Wave has rapidly increased the awareness of Korean brands,
which are captivating American consumers with excellent quality and fast market responses.
“Increasing Demands for Super High-Priced Luxury Products”
The world’s largest market, the American market, has witnessed ongoing increase of demands for super high-priced luxury products.
Background for the Launch of the Hormiga Black Label
European crocodile handbags have the following characteristics
· Too expensive
· Limited designs and few colors
· Six months or longer waiting time after placing an order
· Limited after-sales service
We launched the Hormiga Black Label as an alternative for European crocodile handbags.
Introduction of the Hormiga Black Label Brand
Hormiga is the highest-grade product line that inherits and develops the uncompromising quality and craftsmanship of crocodile handbags
and has upgraded quality and practicality to a higher level.
Brand Concept
“High class, utilitarianism”
Brand Target
The brand targets the top 5% of the upper class who is tired of the popularized images of European
and American brands and seeks out differentiated sentiments and their own values.
The brand targets the top 5% of the upper class who is tired of the popularized images of European
and American brands and seeks out differentiated sentiments and their own values.
Development Plan of Hormiga Black Label
“Design”
We reflect the latest trends and changes in consumer tastes of the European style, the synonym of class and luxury, the casual American style, which emphasizes practicality, and the classical Asian style into our products in real-time.
Color creations to lead the future driven by the exploding passion for creation.
Ongoing development of unique designs.
A crocodile line for men was developed that creatively encompasses briefcases, wallets, belts, and small accessories for fashion-sensitive men in their forties or fifties who have emerged as a new major consumer group in department stores.
We reflect the latest trends and changes in consumer tastes of the European style, the synonym of class and luxury, the casual American style, which emphasizes practicality, and the classical Asian style into our products in real-time.
Color creations to lead the future driven by the exploding passion for creation.
Ongoing development of unique designs.
A crocodile line for men was developed that creatively encompasses briefcases, wallets, belts, and small accessories for fashion-sensitive men in their forties or fifties who have emerged as a new major consumer group in department stores.
“Quality”
Produced with the highest quality crocodile skin in the best condition among saltwater crocodile (porosus) skins which are the rarest, accounting for only 5% of all crocodile skins, and traded at the highest cost.
Produced with crocodile skin and ostrich skin qualified to be eco-friendly and absolutely harmless to the human body.
Produced with the highest quality crocodile skin in the best condition among saltwater crocodile (porosus) skins which are the rarest, accounting for only 5% of all crocodile skins, and traded at the highest cost.
Produced with crocodile skin and ostrich skin qualified to be eco-friendly and absolutely harmless to the human body.
Marketing Strategies
Product Policies
- Continue to launch colors and designs to lead trends
- Design handbags appealing to the young senses of women in their thirties or forties
- Attract male consumers with a crocodile product line for men
- Provide thorough after-sales service
Price Policies
- Relieve price resistance by removing price bubbles. Our handbags sell at 1/3~1/4 of the prices of European crocodile handbags
- Maximize customer satisfaction with reasonable prices compared to quality
Advertising Policies
- Place ads for new products in luxury goods magazines
- Sponsor TV dramas featuring famous actresses in their thirties or forties
- Hold a one-month event of 1+1 to maximize the effects of setting up our boutique at department stores
Plans for Setting up a Boutique at Department Stores
We plan to increase the awareness of our brand as quickly as possible
by setting up boutiques at renowned department stores across the United States.
Entering duty-free shops
• Entering duty-free shops
– Supplying our products to duty-free shops at renowned upscale hotels and international airports
• Pioneering the Chinese market
– Opening our boutiques at luxury department stores in China, which has emerged as the world’s second largest economy
Conclusion
• Quickly respond to the ongoing increase of demands for crocodile handbags
• Create a new client group in young women in their thirties or forties and fashionable middle aged men
• Hormiga Black Label will evolve from a Korean luxury brand into a global luxury brand by replacing and satisfying the demands and needs of clients who are disappointed with the absurdly high prices, poor after-sales service, and limited product groups of European crocodile handbags and for those who are tired of the popular images of foreign brands.