The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Christian Dior Couture Korea Co., the South Korean branch of French luxury brand Christian Dior, reported 328.5 billion won in sales and 77.7 billion won in net income, up by 75.8 percent and 253.4 percent, respectively, according to data released by Korea’s Financial Supervisory Service, as reported by Koreabizwire.com.
Dior’s operating profits of 104.7 billion won ($93.6 million) in Korea last year were 2.4 times larger than the previous year.
Korea’s Ministry of Trade, Industry and Energy recently reported that overall luxury sales at major department stores in 2020 rose by more than 15 percent year-on-year.
The luxury industry in Korea has been able to stay so resilient because the country, although it was among the first to report cases of Covid-19, was able to largely keep its outbreak under control without widespread shutdowns.
This meant its economy didn’t see the same level of impact as many others around the world and well-off Koreans continued to live a relatively normal life. Visits to high-end department stores remained relatively normal for the country’s luxury shoppers throughout the year with an increase in disposable income that would normally be spent on travel also proving a boon for the sector.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.
Spurred by rapid growth in the pure luxury market, global brands operating in lower-priced segments like contemporary fashion are entering the country or accelerating expansion plans.
This week’s round-up of global markets fashion business news also features India’s textile industry, Chinese beauty major Yatsen and Ghana’s newest garment factory.
Luxury fashion retailers in the oil-rich African nation keep a low profile to provide a discreet shopping environment for consumers and avoid flaunting the elite nature of their own business.