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.
The company, among South Korea’s top three department store operators alongside Lotte and Shinsegae, has opened its new location in Yeouido just as the country has begun rolling out Covid-19 vaccines, the Korea Herald reports.
Hyundai aims to reach 630 billion won ($560 million) in annual sales at its new outpost and IBK Securities and Investment predicts the store will breakeven in 2023.
The Hyundai Seoul spans 89,100 square meters — around 13 football fields — and was already crowded on its pre-opening date last Thursday, with locals eager to explore the capital’s first department store opening in a decade. While Gucci, Prada and Burberry have already set up boutiques, almost half of the space has been allocated to rest and relaxation, including 11,240 square meters of indoor gardens and wider passageways to create a more laid-back shopping experience.
Though e-commerce reshaped retailing in the US and Europe even before the pandemic, a confluence of economic, financial and logistical circumstance kept the South American nation insulated from the trend until later.
This week’s round-up of global markets fashion business news also features Korean shopping app Ably, Kenya’s second-hand clothing trade and the EU’s bid to curb forced labour in Chinese cotton.
From Viviano Sue to Soshi Otsuki, a new generation of Tokyo-based designers are preparing to make their international breakthrough.
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.