Wednesday, November 12, 2008
Hyundai and Prada: Korean Luxury Co-branding
Collaborative cross-marketing is popular in Korea-especially with global luxury brands. The LG Prada luxury phone and Samsung's sleek Giogio Armani fashion phone are great examples.
Hyundai in its drive up market has entered the co-branding race....
Hyundai is not holding back on its ambitions to push past its budget brand connotations and move into the premium-luxury segment. The South Korean carmaker, famous for econo hatches like the Excel, has now teamed up with luxury fashion label Prada to develop special edition Genesis Sedans.
One car will be unveiled at next year’s Seoul Motor Show and then displayed at the carmaker’s headquarters also in the South Korean capital. The other two cars will be auctioned at the Prada Transformer, a unique, temporary building that will accommodate a range of different art, cinema, culture and fashion events between March and July next year.The proceeds will be donated to a charity under the joint Hyundai - Prada name.
Prada’s design team will create three special edition Genesis sedans in Italy over a four month period, working closely with Hyundai’s engineers and own designers.
“We’ve made a name for ourselves as a quality automaker, and are now focusing on raising our brand image,” said Hyundai sales chief James Choi. “We are extremely delighted that Prada, one of the best and most innovative luxury goods brands, has agreed to work with us and infuse their creative energy into our products.”
This will be just the first of a number of planned future collaborations, with Hyundai confirming there will be more to come.