Hudson
  • Home
  • About
  • News
  • World Wide Web
  • Business
    • Real Estate
    • Brands
  • Tech
  • Stock Market
  • Contact

Luxury Brands Focusing On South Korea

  • By Walter Baker
  • Nov-26-2019
  • Brands, Business, Clothing
  • Comments Off on Luxury Brands Focusing On South Korea

Clothing brands cover specific niches. There are more utilitarian brands like NUMI, and more luxurious brands like Louis Vuitton, which cater to specific demographics. South Korea’s consumers are known for their love of luxurious brands, which, in turn, has made it the focus of such brands.

South Korea’s luxury goods market was valued at 14.2tn won/US$12.1bn in 2018, up from 2014’s 11.46tn won, and according to data from market research firm Euromonitor International. It’s also the world’s fourth fastest-growing luxury market, behind only India, Malaysia, and Indonesia.

Data from the industry reinforced that, saying that the sale of major luxury brands in South Korea went up by 20-30% in 2018. In contrast, the country’s local department stores only grew by 2%, showing a disparity between luxury brands and purchases, with brands like NUMI and grocery stores; more utilitarian brands.

Specifically, South Korea’s luxury handbag market had a total value of 3.2tn won in 2017, which makes it the fourth-largest market for the industry behind US, China, and Japan. It even managed to outdo France itself, the home country of international luxury brands like Louis Vuitton and Chanel.

In response, these luxury brands are moving into the country, hoping to capitalize and profit off of the growing market.

Louis Vuitton, in particular, recently opened their South Korean flagship store in Seoul late in October, located in Gangam’s high-end Cheongdam neighborhood. LVMH Chairman Bernard Arnault was present at the store’s opening ceremony during his third visit to the country in as many years.

On top of that, Louis Vuitton also opened a pop-up store specifically for their signature Twist bags, handled in cooperation with Hyundai Vinyl and Plastic, located in Seoul. It was the luxury brand’s second single-theme pop-up store, with its first being the Archlight sneakers store located in New York, opened back in 2017.

Kim Hye-ra, Lotte Department Store Luxury Department Chief explains that the luxury brands are moving into South Korea as consumption power among the country’s millennials grows.

Meritz Securities analyst Ha In-hawn says that consumption of luxury goods in South Korea has only grown, even as the country’s economy, in general, has slowed down. The millennial generation, specifically, was embracing luxury goods.

It's only good to share...Pin on Pinterest
Pinterest
0Share on Facebook
Facebook
0Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin

Comments

← Previous Post Next Post →

Business Keynote Speakers To Watch

Recent Posts

  • Benefits That Businesses Can Gain From UK-Singapore FTA
  • The Importance Of SEO For Businesses During The Pandemic
  • Why Businesses Must Analyse Customer Reviews
  • Australian Digital Ad Grows 11.3% In Q3 2020
  • Caravel Law Acquires My Legal Briefcase

Selected Topics

  • Accountant
  • Advagym App
  • Advertise
  • AFL
  • Art
  • Baby Product
  • Bank
  • Bike
  • Bikini
  • Boat
  • Brands
  • Business
  • Car
  • Carpet
  • CCTV cameras
  • Chiropractor
  • Christmas
  • Cleaning
  • Clothing
  • Courier
  • Crematorium
  • Currency
  • Customer Reviews
  • Dental Implants
  • Design
  • Drug
  • DVD
  • Economy
  • Education
  • Electrician
  • Employee
  • Entertainment
  • Finance
  • Flooring
  • Food
  • Foundation
  • Funeral Services
  • Furniture
  • Game
  • Google
  • hEALTH
  • Healthy Lifestyle
  • Home Depot
  • Home Improvements
  • Hotel
  • Industry
  • Insurance
  • International School
  • King Kong Reviews
  • Landmarks
  • Lawyers
  • Legals
  • Lifestyle
  • Logistics
  • London
  • Lowest
  • Management
  • Maps
  • Marketing
  • Medical Tourism
  • Money
  • Mortgage
  • News
  • Noise
  • Online Marketing
  • Online shopping
  • Pandemic
  • Pest Control
  • Plumbing
  • Print
  • Products
  • Real Estate
  • Removal
  • Resort
  • Restaurant
  • Roofs
  • Security
  • SEO
  • Service
  • Services
  • Servies
  • Skin
  • Stickers
  • Stock Market
  • Tax
  • Tech
  • Tiles
  • Tips
  • Transport
  • Trucking
  • Uncategorized
  • Website
  • Wedding
  • World Wide Web

Tools that will help you with your business

  • Blog Topics Generator
  • BuzzSumo
  • Evernote
  • LinkedIn Pulse
  • Portent Title Maker
  • Quick Sprout
  • Quora
  • Trello
Editor Of Hudson
Walter Baker

There are a lot more that the Hudson does to keep peace and order which they want people to know. Read the latest news and updates.

Archives
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • March 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • May 2015
  • April 2015
  • March 2015
  • January 2014
LEGALS

Hudson (C) 2016 All Rights Reserved. 273 Geneva Street, Brooklyn, NY 11206, USA

Powered by WordPress  |  Business Directory by InkThemes.