SEOUL, April 14 (Korea Bizwire) — Hermes Korea said Friday that its net profit rose 22.7 percent in 2022 from a year earlier amid an ongoing trend of high-end fashion brands continuing their profit streak in South Korea. The South Korean arm of the French high-end fashion house reported a net income of 153.8 billion [...]
SEOUL, March 22 (Korea Bizwire) — Luxury fashion brands including Louis Vuitton and Hermès have continued to jack up the prices of their products in South Korea, raising eyebrows among consumers. According to industry sources on Wednesday, some Louis Vuitton items have seen price hikes at duty free shops this month, following earlier price increases late [...]
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, Feb. 21 (Korea Bizwire) – A Seoul appeals court on Tuesday ruled in favor of South Korean fashion brand PLAYNOMORE in a copyright lawsuit filed by Hermès, upsetting a previous ruling in favor of the French luxury brand. The dispute goes back to November 2015 when Hermès filed a lawsuit against the Korean company, [...]
SEOUL, Feb. 21 (Korea Bizwire) – Hermes handbags, despite their international reputation as an elegant luxury brand, are adding bitterness to their cachet in South Korea as they have been used as a “popular” item for bribes in high-profile political scandals. Industry sources have widely suspected that either a Birkin bag or Kelly bag, two [...]
SEOUL, May 24 (Korea Bizwire) – Hermès, a French high fashion brand, has proven to be an exception to the downturn in South Korea’s luxury market, industry officials said on Tuesday. Compared to other luxury brands that had one to three percent sales increases over the past three or four years, Hermès showed growth of 20 [...]
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, 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 [...]