SEOUL, April 8 (Korea Bizwire) — Expensive luxury brands are racking up strong sales despite the coronavirus outbreak. Consumers, denied oversea travel, have resorted to spending on luxury goods instead, gaining popularity among the MZ Generation (millennials and Generation Z) in particular. The Financial Supervisory Service reported that Christian Dior Couture Korea Co., the South [...]
SEOUL, Feb. 17 (Korea Bizwire) — Global luxury brands are raking in huge dividends in the South Korean market, while being stingy about making donations. According to the 2019 audit reports of ten foreign luxury brands, their local branches paid 140.2 billion won (US$126 million) in dividends and commissions to their headquarters. The combined sales [...]
SEOUL, July 17 (Korea Bizwire) — Once criticized for incinerating unsold products rather than selling them at discounted prices, luxury brands are shifting towards environment-friendly practices by actively making use of eco-friendly materials. British luxury brand Burberry, for example, plans to expand the application of the eco-friendliness guarantee standard which is now applied to a [...]
SEOUL, Nov. 17 (Korea Bizwire) — When it comes to purchasing luxury and premium products and services, South Koreans are almost on par with other major countries. Indeed, South Koreans’ love for luxury goods is astonishing, and that’s why high-end brands, which are known to stick to their heritage and tradition, have recently taken new [...]
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, May 17 (Korea Bizwire) – Demand is high for overseas luxury goods, particularly among younger consumers in their 20s and 30s, despite South Korea’s unrelenting economic slump. According to Lotte Department Store, sales of overseas fashion items, largely comprising of high-end brands, jumped by more than 30 percent in 2016 compared to 2015 for [...]
SEOUL, April 28 (Korea Bizwire) – Profits at top foreign luxury brands in South Korea stagnated last year, with some labels unable to come out of the red, industry data showed Friday. According to the data provided by the e-disclosure site of the regulator Financial Supervisory Service, last year’s operational profits at Ferragamo Korea shed [...]