SEOUL, April 16 (Korea Bizwire) — South Korea’s sportswear market is expected to surpass the 2 trillion won (US$1.87 billion) mark in size this year, a report showed Monday.
The market size for sports fashion tripled from 500 billion won in 2009 to 1.5 trillion won in 2016, Lotte Shopping Co. said, citing a report from the Korea Research Institute for Fashion Industry.
Lotte Shopping said sales of sportswear products from its department store chain Lotte Department Store have been reporting over 60 percent average annual growth in recent years.
The department store’s revenue from athleisure outfits is expected to reach 30 billion won this year compared to 3 billion won in 2015, the company said.
Lotte Shopping said it will launch various promotional events throughout its department store outlets in the country in line with the trend.