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Luxury Watch Sales Grow Despite Economic Slump

Luxury Watch Sales Grow Despite Economic Slump

SEOUL, Feb. 13 (Korea Bizwire) – Despite the prolonged economic downturn, sales of luxury watches once again soared last year.  Hyundai Department Store said Sunday that sales of high-end watches have consistently increased in recent years, jumping by 16.3 percent in 2014 (year-on-year), 30.1 percent in 2015, and by 34.1 percent in 2016.  The rise [...]

Koreans Open Wallets for Premium Shoes and Clothes

Koreans Open Wallets for Premium Shoes and Clothes

SEOUL, Dec. 21 (Korea Bizwire) – The recent Global Premiumization Survey by marketing research firm Nielsen revealed that when it comes to products that Koreans are willing to pay more for to obtain premium versions of, “clothing and shoes” (30 percent) were the most popular.  “Cosmetics” (28 percent), “personal electronics” such as smartphones and tablets [...]

High-end Knockoff Retailers Busted in Seoul’s Busiest Tourist District

High-end Knockoff Retailers Busted in Seoul’s Busiest Tourist District

SEOUL, Sept. 27 (Korea Bizwire) – Seoul police busted four retailers Monday for selling counterfeit products of luxury brands in Myeongdong, one of the busiest tourist and shopping districts in Seoul.  The gang launched operations in April, and has since sold 40-million-won ($36,245) worth of knockoff products from 41 brands that included luxury brands Louis Vuitton [...]

Sungjoo Group Seeks to Make MCM ‘New School Luxury’ Brand

Sungjoo Group Seeks to Make MCM ‘New School Luxury’ Brand

SEOUL, June 24 (Korea Bizwire) – South Korean fashion giant Sungjoo Corp., which owns and runs German luxury bag brand MCM, on Friday said it will adopt the latest technology to create an innovative fashion code and lead the new luxury trend.  “We will combine technology and fashion to create the new framework in the luxury market,” [...]

High-End Consumer Goods Popular Despite Global Recession

High-End Consumer Goods Popular Despite Global Recession

SEOUL, June 13 (Korea Bizwire) – Korea’s Institute for International Trade (IIT) revealed Sunday in its report, ‘Opening New Trade Paths with High-end Consumer Goods’, that despite Korea’s suffering export industries, exports of high-end consumer goods have increased sharply in recent years. High-end consumer goods include rare, high-quality, and high-priced goods such as beauty products, [...]

‘Luxury Taxes’ Abolished for Certain Items

‘Luxury Taxes’ Abolished for Certain Items

SEOUL, Dec.1 (Korea Bizwire) – Aficionados of certain high-end goods will be pleased to find out that some items have been removed from the ‘Individual Consumption Taxes’ list, meaning they will now be exempt from what is often referred to as a ‘luxury tax’. Perfume, cameras and deer antlers were removed  from the list, but [...]