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On Thursday in the Théâtre des Lumières, an immersive art exhibition hall in Seoul, some 1,000 guests attended the kickoff of Bulgari Studio, the house’s new creator platform. A cohort of fans waited outside the venue to catch glimpses of stars, including Blackpink’s Lisa, Seventeen’s Mingyu, Thai actor Mile Phakphum Romsaithong and Japanese model Hikari Mori.
Inside were the creators. Choreographer Sadeck Berrabah, DJ Anyma (the stage name for multi-disciplinary artist Matteo Milleri) and digital artist Antoni Tudisco — all of whom are part of the new Bulgari Studio — showed off their work for the jewellery brand’s newest concept. A campaign by Tudisco was on display for Bulgari’s iconic B.zero1 ring, coinciding with its 25th anniversary. Across screens, the ring’s features were decomposed, rotated and mixed.
The Bulgari Studio enables creative minds to “reinvent the narrative of the house’s most emblematic icons”, the Bulgari Studio manifesto reads. “Digital artists, DJs, artisans, architects, game changers, trailblazers come together into one diverse creative community.”
Unlike Moncler Genius, the first collectively curated collaboration machine in the fashion system where a rota of high-profile designers riffed on the Moncler house puffer jacket, Bulgari Studio focuses on communications rather than the product itself. Bulgari Studio is “a collective of artists to celebrate an icon, rather than a collaboration that will sign a new expression of the icon”, says Bulgari Group CEO Jean-Christophe Babin. So don’t expect a new B.zero1 ring designed by Anyma.
Bulgari has a history of storytelling in various ways beyond advertising: the house released a documentary, “Inside the Dream, the first ever behind-the-scenes high jewellery movie”, on Prime Video in 2022 and is now working on a ‘docufilm’ slated to come out in 2025.
More creators will join Bulgari Studio as the concept rolls out. “This week’s event is important because it’s going to give us a good understanding of the scope we can give it,” says Babin.
After Seoul, Bulgari Studio will land in Milan later this year. The house is also considering a Bulgari Studio event in the US and another in Asia. Why Korea for the kickoff? “We wanted an Asian market, as Asia is an important part of Bulgari’s business, and Korea today in Asia is a country that has a very good image,” says Babin. “Korea has been one of the major sources of artistic and cultural influence over the last 10 years, influencing Japan and China, particularly the younger generations. I think K-pop has been one of the vectors, but not the only one, and Seoul is one of the trendiest cities in Asia.”
According to Babin, Korea continues to be “one of the markets that is driving luxury worldwide” and is in the top 10 markets for the house. (According to HSBC estimates, Bulgari generated sales of approximately €3.36 billion globally in 2023. Parent company LVMH doesn’t break down sales of individual houses.)
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During the Covid period, Korea emerged as a beacon for luxury consumption in the Asia-Pacific region, despite its relatively small population of 51 million, as China grappled with the effects of its zero-Covid policy. South Korea’s economy grew 4.3 per cent and 2.6 per cent in 2021 and 2022 respectively, according to the Bank of Korea. “The rapid rise in interest rates and inflation have impacted the local consumption of luxury goods. At the same time, Koreans resumed travelling abroad,” says Olivier Mouroux, CEO of Asiance, a digital agency and consulting firm for Korea and Japan whose clients include Louis Vuitton, Saint Laurent and Van Cleef Arpels.
Growth slowed to 1.4 per cent in 2023. “In 2023, South Korea experienced a consumption slowdown. Weak macroeconomics are impacting local consumption, and strong currency is leading tourists elsewhere,” says Claudia D’Arpizio, senior partner and global head of fashion and luxury at Bain Company. “Yet, Koreans remain a primary source of influence in the region.”
The economy is expected to pick up this year, with the Bank of Korea forecasting 2.1 per cent growth in 2024, per Reuters. “South Korea is one of the only bright spots in luxury demand in Asia today alongside Japan, but unlike Japan — which seems to be tourism driven — Korea demand seems to be healthy thanks to locals,” says Erwan Rambourg, HSBC global head of consumer and retail research.
Fendi opened a flagship store in Gangnam District’s Cheongdam-dong last year, while Burberry opened a series of pop-ups and installations in the Seongsu area, and Jacquemus opened a striking pop-up. “A staple trend of 2023 is the surge of pop-up stores,” according to the Korea luxury consumer research report by Asiance. Young consumers frequently visit pop-ups: 68 per cent of respondents in their teens made at least one visit in 2023, according to the survey.
For its part, Bulgari counts a dozen standalone stores mostly in Seoul and Busan and seven in duty-free. Babin stays bullish on the market: “Korea is benefiting not only from the dynamism of its local market but also from a return of Chinese tourists to the country, and so we have very, very high ambitions for Korea this year.”
It’s not the first time Bulgari has innovated with tech. In 2022, it introduced a sparkling new addition to its high jewellery collection: NFTs. This came after it experimented with a limited-edition collection of 10 NFT artworks inspired by the Octo Finissimo Ultra watch. This time, it involves artificial intelligence. Both Tudisco and Anyma used AI in their works for Bulgari.
“We’re in the business of mani intelligenti [Italian for “smart hands” or craftsmanship],” says Babin. “The object itself must retain its functionality, ergonomics and portability. Artificial intelligence could slightly improve it, but marginally. However, the glorification of this craft afterwards is something that AI can take to new levels.”
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