SEOUL, March 2 (Korea Bizwire) — Expectations for the normalization of economic activities are growing despite the spread of the omicron variant of the coronavirus and such expectations have lead to an increase in consumption of spring clothes and color cosmetics. According to Hyundai Department Store, a major department store chain, sales of women’s and [...]
SEOUL, Feb. 23 (Korea Bizwire) — Luxury consumption, once centered on bags and watches, is diversifying towards other items, including shoes, accessories and clothes. Lotte Members, the membership service for retail giant Lotte Group, analyzed data from luxury item transactions. The analysis showed that the purchase of luxury shoes increased by 134.9 percent last year [...]
SEOUL, Feb. 10 (Korea Bizwire) — A group of luxury brands that have benefited from post-pandemic ‘revenge spending’ are withdrawing from downtown duty-free shops in South Korea, dealing a blow to related industries. Chanel, for example, decided to suspend the operation of its stores within the Lotte Duty Free branch in Busan and the Shilla [...]
SEOUL, Jan. 24 (Korea Bizwire) — South Korean consumers are up in arms over luxury brands that are pushing up prices seemingly arbitrarily in recent days as a way to stimulate buying sentiment. French fashion company Chanel suddenly raised the price of some handbag items by up to 17 percent on Jan. 14. This price [...]
SEOUL, Jan. 11 (Korea Bizwire) — South Korea’s fashion companies are jumping into making premium perfumes, driving head-on towards fierce competition. Handsome Corp., an affiliate of Hyundai Department Store Group, plans to open up a Liquides Perfume Bar in South Korea, an all-brand store for niche perfumes from France. The store plans to introduce some [...]
SEOUL, Dec. 14 (Korea Bizwire) — Fashion products have become the most sold items on television shopping channels this year. As the pandemic era drags on, consumers who once looked for homewear last year are now turning their eyes to outdoor clothes and other outdoor goods. Sorted by the number of orders made on each [...]
SEOUL, Dec. 14 (Korea Bizwire) — South Koreans are buying wider range of luxury goods from handbags to watches, jewelry, scarves and perfumes. Market researcher Euromonitor reported 4.6 percent growth in South Korea’s luxury market from last year, reaching an aggregate total of US$14.2 billion. Aside from sales of luxury cosmetics, which have struggled during [...]
SEOUL, Nov. 23 (Korea Bizwire) — Shared beauty salons, a new concept in which a handful of hairdressers work as independent businesses at a single beauty salon, are enjoying rising popularity. Unlike existing beauty salons where the owner hires some hairdressers, a shared beauty salon refers to a shared service in which an owner operates [...]
SEOUL, Nov. 11 (Korea Bizwire) — So-called ‘revenge consumption’, a sudden rush of consumption in the pandemic era, is resulting in soaring prices of luxury goods as demand continue to rise. Celine raised its prices three times this year after raising the price of some 10 luxury bags by an average of 8 percent on [...]
SEOUL, Oct. 5 (Korea Bizwire) — Sales of high-priced items such as imported bags, jewelry and watches rose last year despite a drop in overall consumption brought on by the COVID-19 pandemic. According to the data that Rep. Suh Byung-soo of the People Power Party received from the National Tax Service and the Korea Customs [...]