Partnering with Luxury Brand
Nam Min-woo, Korea’s first generation venture entrepreneur and chairman of Dasan Networks, recently announced that he is jumping into the luxury brand business by partnering with Tonino Lamborghini. With this new business project, Nam said he will try “brand marketing,” a strategy largely depending on increased consumer awareness of the brand’s reputation and value, and will move to expand the business strategy from one focused on other businesses, or B2B, to that focused on customers, termed B2C. In the partnership with Tonino Lamborghin, Dasan will introduce smart devices including smartphones, smartwatches, smart bands and other wearable devices.
Dasan plans to expand its smart device business portfolio via the brand license that Korasia, a subsidiary of Dasan, made with Tonino Lamborghini early this year. Korasia is currently planning to roll out smartwatches and smart bands by the end of this year and smartphones by March next year.
Tonino Lamborghini, on the other hand, retains the exclusive business rights of IT equipment bearing the Tonino Lamborghini trademark worldwide. Tonino Lamborghini also enjoys exclusive rights over the distribution of watches and golf equipment in South Korea, Japan, and China.
Tonino Lamborghini is an Italian merchandising company owned by Tonino Lamborghini, the son of Ferruccio Lamborghini, a famous Italian industrialist associated with the high-end sportscar maker Automobili Lamborghini. Tonino Lamborghini sells lifestyle luxury products such as apparel, hand-built luggage, golf accessories, watches, pens, eyewear and perfumes. The company has stores worldwide, including in Hong Kong and Italy.
To launch this smart device business, Korasia received investment from Dasan for product redesign and development. Tonino Lamborghini will be responsible for the final approval of the design and distribution of the final products via Tonino Lamborghini retail stores worldwide.
Dasan Networks is a global network solution provider and a holding company that oversees 10 subsidiaries, including Dasan Network Solutions, Solueta, HandySoft, DMC, and DTS. On Sept. 12, Dasan Networks had completed the merger between Dasan Network Solutions, Inc. and DA Corp., a subsidiary of Zhone Technologies. By merging the two subsidiary companies, Dasan Networks will be acquiring 58 percent of Zhone Technologies shares, incorporating Zhone Technologies as one of its major subsidiary companies, and will become the seventh-largest provider of broadband access equipment, only trailing major global conglomerates such as Alcatel-Lucent, Huawei and ZTE.
When asked about the shift from B2B to B2C, chairman Nam said, “I felt the limits of B2B-focused businesses and wanted a change in business strategy. I’m planning to introduce innovative products into market through fresh ideas. The collaboration with Torino Lamborghini is only a beginning.”
On Sept. 9, Dasan’s subsidiary Korasia opened a Tonino Lamborghini retail store 132 square meters in size in the country’s biggest multiplex mall, Shinsegae’s Starfield Hanam in Hanam-si, Gyeonggi-do. Tonino Lamborghini watches, golf accessories, wine and coffee area available for purchase there.