Vincent & Co sold ₩97M 'Swiss' watches assembled in a Korean basement for ₩100K

In 2006, a watch brand called Vincent & Co appeared in South Korea claiming a century-long Swiss heritage and a clientele that allegedly included Grace Kelly and Princess Diana. A launch party in Cheongdam-dong cost ₩130 million; free watches were given to celebrities including Lee Jung-jae and Choi Ji-woo, generating word-of-mouth buzz and an aura of exclusivity. Prices ranged from millions to ₩97.5 million.

The brand was entirely fabricated. The trademark had been registered in Switzerland under the name Philip Lee in 2000, but the watches were assembled in a factory in Siheung City, Gyeonggi-do. A ₩5 million watch cost about ₩100,000 to make; straps were bought in China. Parts were shipped to Switzerland and reassembled so the products could clear normal import procedures and carry a 'Swiss Made' label.

The fraud was exposed when an attendee at the launch noticed there were no Swiss employees and asked an acquaintance in Switzerland to investigate. Police found that Philip Lee had forged a quality-assurance certificate at a printing shop in Euljiro and mailed it from Switzerland to Hyundai Department Store to secure a retail exhibition. The mastermind was sentenced to four years in prison. The scandal inspired the 2026 Netflix K-drama 'The Art of Sarah.'

Assembled ₩100K watches in a Korean basement, shipped parts to Switzerland for reassembly to earn a 'Swiss Made' label, and sold them for up to ₩97M.

Korea's intense luxury-brand culture created a market where provenance and prestige mattered more than verifiable craftsmanship.

The 'Swiss Made' label was treated as an unchallengeable signal of quality; retailers and consumers did not verify the brand's history.

Celebrity gifting created social proof that bypassed the due diligence a ₩97M purchase would normally trigger.

The import-procedure loophole — shipping parts to Switzerland for reassembly — gave the fraud a veneer of documentary legitimacy.

Brand provenance is only as strong as the verification behind it. When prestige signals go unchallenged, a fabricated heritage can command real luxury prices until someone checks.

The mastermind received four years in prison. The court cited the sophistication of the fraud and the lack of restitution to victims. Less than six months later, a similar fake-luxury-watch scandal involving Gio Monaco emerged. The case became a cultural reference point for Korea's luxury obsession, dramatized in the 2026 Netflix series 'The Art of Sarah.'