Scott Basham, Vans VP & Managing Director of APAC – Photo courtesy of Vans
Asia is a key growth region for Vans in the next five years, with a forecasted compound annual growth rate of 19% to 20%.
As part of the multi-faceted strategy for the region, Vans has opened its first flagship store in Asia, in Gangnam, Seoul, South Korea.
The 3,000-square-foot store includes various brand experience zones, two floors of product displays ranging from footwear to apparel and accessories for men and women, and areas dedicated to skate, surf and snow.
Scott Basham, Vice President and Managing Director of Vans APAC, answered questions for us about the new flagship and about business in South Korea in general.
Scott has a big job on his hands. By 2024, Vans Asia is expected to be the same size as Vans EMEA – about 18% of total Vans revenue.
Why open a flagship in Seoul?
Vans in Gangnam, Seoul – Photo courtesy of Vans
Scott Basham: As Vans continues to expand its global presence, our business is no longer about one state, one country or even one continent. We understand and continue to be focused on driving the brand with a global mindset to ensure we stay relevant to our loyalists while engaging with newcomers in key regions around the world.
With APAC continuing to be a key growth area, Gangnam has proven to be an influential location for us to do just that.
Photo courtesy of Vans
What is the strategy behind the flagship, and how would you describe the aesthetic of the store?
Scott Basham: With a large geographic footprint and situated in prominent locations, our brand showcase stores are developed in a way that enables us to authentically connect and welcome the broadest range of consumers.
This ranges from those who are first discovering the Vans brand to loyalists who’ve been fans of Vans for a long period of time. In addition to this, our brand showcase locations provide consumers with our broadest assortment of product while also providing us the opportunity to tell some of our most impactful stories.
Are there other flagships in Asia currently? Any more planned?
Photo courtesy of Vans
Scott Basham: The Gangnam brand showcase store is our first for not only Korea but the entire APAC region. As we remain committed to authentically connecting with our consumers globally, meeting their needs and putting them at the center of everything we do, we are always looking for additional and new ways to remain true to this mission.
Can you please remind me where else Vans has flagships globally?
Scott Basham: Vans currently has brand showcase retail locations on Fifth Avenue in New York City, 34th Street in New York City, State Street in Chicago and Oxford Street in London.
How is Vans’ business in Korea and where does Korea fit into the overall Asian strategy? Are certain facets of the Vans brand particularly popular there – i.e., skate, snow or fashion, apparel, etc.?
Scott Basham: The Vans business in Korea is growing, thanks to a great local team and regional support. As a market, it is the second largest in APAC for Vans. It is the 5th largest digital economy in the world, so it naturally has a tremendous amount of influence over adjacent markets.
It is also a really important reference market for youth culture, with a huge spectrum of dynamic and creative music, a fantastic art scene, loads of innovative streetwear brands, and a growing action sports community. All of this allows Vans to foster and support meaningful connections to enthusiasts and new consumers alike. It’s just a great fit for Vans.
