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.
Sales at the 31-year-old South Korean retailer’s luxury outpost in Seoul’s Apgujeong neighbourhood reached 1 trillion won (around $844 million) for the first time, The Korea Times reports.
Galleria, which was South Korea’s first luxury goods retailer and helped Louis Vuitton and Hermès open their first local boutiques, shifted its focus to luxury goods over the pandemic. By the end of November, its sales had grown 31 percent year-on-year, with revenues from luxury goods generally up 49 percent, and luxury jewellery and watches up 67 percent.
Sales from VIP customers, which make up more than 40 percent of Galleria’s luxury goods sales, were up 49 percent from 2020. The company attributes this growth partially to the introduction of arts and lifestyle experiences, including art sales, to its outpost.
Luxury leather goods, jewellery and watches made $12.5 billion in sales in the country last year — roughly in line with the previous year, according
This week’s round-up of global markets fashion business news also features Latin American mall giants, Nigerian craft entrepreneurs and the mixed picture of China’s luxury market.
Resourceful leaders are turning to creative contingency plans in the face of a national energy crisis, crumbling infrastructure, economic stagnation and social unrest.
This week’s round-up of global markets fashion business news also features the China Duty Free Group, Uniqlo’s Japanese owner and a pan-African e-commerce platform in Côte d’Ivoire.
Affluent members of the Indian diaspora are underserved by fashion retailers, but dedicated e-commerce sites are not a silver bullet for Indian designers aiming to reach them.