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 South Korean department stores increased 34 percent year-on-year in February, marking the largest rise since 1996, according to data from Statistics Korea as reported by The Korea Times.
The country’s retail sales index, which reflects consumption trends, also recovered to near pre-pandemic levels during February, when it stood at 115.2. In December of 2019, one month before the first case of Covid-19 was detected in Korea, that same figure was 116.2.
February was a blockbuster month for Korean department stores partly because of the Lunar New Year holiday, but also due to the opening of Hyundai Seoul, the largest department store in the capital, along with a bout of warmer weather, which lured people out of their homes.
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.