( Read More : Europe's Auto Market Shrinks Further in February ) Hyundai has however, rejected this approach, saying premium brands created by mass market automakers fail to replicate the success of traditional luxury brands. "We have concluded that we can do it with only Hyundai brand," said Cho. In addition to courting established luxury labels, Hyundai's rebranding initiative, led by heir apparent and Vice Chairman Chung Eui-sun, includes a plan to double advertising in Europe to an estimated 630 million euros ($821 million) and a revamp of its showroom in Gangnam, the affluent Seoul neighborhood.