Tiffany & Co. has made a bold move in the South Korean luxury market by announcing K-pop star Jimin as its newest brand ambassador.
The New York-based jewelry house is banking on the South Korean artist’s widespread popularity, with 48 million followers on Instagram, to boost its presence in the rapidly growing luxury goods market in Asia. Jimin has recently joined the ranks of Dior as an official ambassador, and his work with Tiffany begins immediately, with his first ad campaign set to be released later this year.
Jimin, whose full name is Park Ji-min, will be showcasing his unique approach to jewelry styling in forthcoming campaigns and appearing in key brand events. In a statement, Jimin said it was a great honor to partner with Tiffany, a brand with a passion for design, innovation, and artistry. Tiffany’s executive vice president for product and communications, Alexandre Arnault, said they were proud and incredibly excited to unveil their future campaigns with Jimin, who embodies the energy, style, and sense of modernity that epitomizes the brand.
Jimin is the second Korean recording artist to star in a Tiffany advertising campaign, following in the footsteps of Rosé, a member of the popular K-pop girl band Blackpink, who teamed with the brand in 2021. Luxury brands have been forging strategic partnerships with prominent K-pop stars in recent years to make inroads in Asia’s rapidly growing luxury goods markets. High-end jewelers, fashion labels, and even investment banks have reported the significance of K-pop in the South Korean luxury market, with Morgan Stanley reporting that luxury spending in the country jumped 24% last year to $16.8 billion.
Tiffany stepped up its focus on the Asia-Pacific market after its acquisition by luxury goods conglomerate LVMH in 2019, and the company has since opened 39 stores in China and 23 shops in South Korea. LVMH reported that Tiffany & Co. had a “record year” in 2022, with an 18% increase in revenue for the conglomerate’s jewelry and watches division, which also includes major brands like Bulgari, TAG Heuer and Chaumet.
