SEOUL, March 31 (Korea Bizwire) — There’s a new coinage emerging amongst South Korean consumers that literally translates into “f— it expense.” The origin of sibal (the four-letter word) biyong (expense or cost) goes back to November 28 of last year, when a local Twitter user (satuki_yami) defined the term as an expense that could [...]
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 [...]
SEOUL, Feb. 13 (Korea Bizwire) – Top luxury brands popular with adults are also grabbing the market for children, their sales increasing as kids get ready to go back to school this month or next, industry officials said Monday. Some of the most popular items cost well over 1 million won (US$867). A Gucci-labeled backpack [...]
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 [...]
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 [...]
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,” [...]
SEJONG, June 17 (Korea Bizwire) – Upgrades have come to Korea’s express buses for the first time in 24 years. The last time Korea implemented a premium express bus service was in 1992, when vehicles with widened and more comfortable seats were introduced. This luxury upgrade, however, takes things to a whole new level. First, [...]
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, [...]
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 [...]
SEOUL, Nov. 12 (Korea Bizwire) — BMW Korea said on November 11 that it showcased for the first time in Korea the “BMW Vision Future Luxury,” a concept car, for six days from the 4th to the 9th at its Yeongjong Island BMW Driving Center by inviting 300 VIP clients. The BMW Vision Future Luxury, [...]