Hermès, Louis Vuitton, Chanel: winners in South Korea’s luxury market

Quick Summary:

Overall luxury goods sales growth at the nation’s three largest department store chains – Lotte, Hyundai and Shinsegae Inc.– slowed to between 5% and 11% last year from higher growth rates in previous years.

Online luxury platforms targeting mainstream consumers have fared even worse.Balan Co., once a promising domestic e-commerce player, filed for corporate rehabilitation with a Seoul court last month after suffering from financial difficulties.Must It Co., another popular platform, saw sales plummet 52.2% year-on-year to 11.9 billion won last year.

Industry analysts pointed to growing income-based consumption divergence for the widening gap between winners and losers among fashion brands.“While middle-income consumers are pulling back on luxury purchases, high-net-worth individuals continue to gravitate toward the most expensive and exclusive items,” said a department store executive.

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Article Details

Category: Economy

Markets: South Korea

Topics: Fashion Luxury Store Korea Jewelry Brands Department Sales Year Korean Billion

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-14 @ 21:15:40 (1 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 543 words

Reading Time: 4 minutes read

Sentences: 27 lines

Sentence Length: 21 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 27864656

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