The encyclopedia · Marketing & Brand · Marketing decision · 2006
Vincent & Co sold ₩97M 'Swiss' watches assembled in a Korean basement for ₩100K
A fabricated 'century-old Swiss brand' fooled Korean celebrities and chaebol heirs. The watches were made in Siheung City. The mastermind got four years.
Vincent & Co · 2006
What happened
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.'
Why it happened
- 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.
The lesson
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.
Aftermath
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.'
Sources
- The Straits Times — How The Art of Sarah recalls real-life luxury fraud
- Korea Herald — Vincent & Co. watch fraud (2026)
- NamuWiki — 빈센트 앤 코 (Vincent & Co)
spotted an error? The club wants to know.
More like this
Prada cut ties with Kim Soo-hyun 2 months after naming him — poor vetting cost brands
Kolon FnC ends Amofre, its Jo Se-ho menswear brand, after 4 years
LV won a ¥10.3M trademark case in China — then celebrities skipped its Shanghai show
Somewhere, someone solved the problem this company failed at. 2nd Opinion →
Comments · 0
Sign in to join the comments.