SEOUL, March 2 (Korea Bizwire) – Louis Vuitton, along with Chanel and Hermès, is considered in South Korea as one of the big three high-end designer brands that are typically supposed to appeal to the top one-percent. And while Chanel and Hermès continue to symbolize wealth and affluence, Louis Vuitton has recently been struggling to [...]
SEOUL, Aug. 31 (Korea Bizwire) – Galleria Duty Free 63 may be the newest of the duty free franchises in Korea, but it hasn’t been all smooth sailing since the store’s July launch, especially when it comes to maintaining relationships with cosmetics companies. L’Oréal recently withdrew some 20 employees from six of its brands – [...]
SEOUL, May 4 (Korea Bizwire) – The marriage season is back, and with it is the Korean penchant for lavish wedding gifts. In a fortuitous coincidence, it just so happens that high-end brands like Chanel and Bottega Veneta are adjusting their product prices upward. According to representatives from the retail and fashion industries, Chanel will [...]
SEOUL, April 7 (Korea Bizwire) – Lotte Duty Free, South Korea’s No. 1 duty-free operator, said Thursday it is mulling an acquisition of a foreign luxury goods maker with high brand value in a bid to further bolster its business. The move is seen as the company’s strategy to create synergies by having a premium [...]
SEOUL, March 25 (Korea Bizwire) – HDC Shilla Duty Free, a joint venture between Hotel Shilla and Hyundai Development, officially opened its new duty-free store in central Seoul on Friday, featuring 200 more brands four months after its pre-opening. The new outlet spanning 16,500 square meters is located in the Hyundai I’Park Mall in Yongsan, the railway [...]
SEOUL, Oct. 30 (Korea Bizwire) – After lowering the prices of certain products earlier this year, Chanel announced that it will be increasing prices next month. According to industry watchers, Chanel will raise the price of its ’2.55 Vintage’ from 6 million won to 6,390,000 won, and ‘Timeless CC’ from 3,410,000 won to 3,630,000 won, [...]
SEJONG, Aug. 14 (Korea Bizwire) – Among the fake designer products that were exposed by the Korea Customs Service during the first half of 2015, Cartier ranked No. 1 in terms of the number of fake items. As the trend in the knock-off market moved to watches from bags, Louis Vuitton was pushed out of the top [...]
SEOUL, April 8 (Korea Bizwire) — Despite an economic slowdown, sales of luxury products in South Korea soared in the first quarter of 2015 partly due to recent price cuts by major luxury brands, data showed Wednesday. Lotte Department Store saw sales of luxury products jump 15.7 percent on-year in the January-March period, with sales of [...]
SEOUL, Jan. 29 (Korea Bizwire) – Big Bang rapper G-Dragon attended Chanel’s 2015 S/S Haute Couture Collection at the Grand Palais, Paris on January 27. He also attended Chanel’s 2015 S/S Collection last fall, and his presence at these shows has cemented his ‘fashionista’ place in the world. G-Dragon wore a tweed jacket from Chanel’s 2014/2015 Cruise [...]
SEOUL, July 26 (Korea Bizwire) – Following the suit of major luxury brands, such as Hermes, Luis Vuitton and Chanel in the first half of this year, Italian luxury brand Prada also joined the bandwagon of raising prices on its luxury goods lineups here in Korea. The brands gave several reasons about the decision: the increased personnel expenses and [...]