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.
Shinsegae Group’s e-commerce firm SSG.com has acquired Korea’s leading online fashion platform W Concept in a move designed to beef up its online fashion business, according to a report in The Korea Times.
The retail giant, one of Korea’s largest department store operators, already has a membership program five million strong and sells a number of fashion brands exclusively while also operating its own Frontrow brand.
W Concept, meanwhile, has a 30 percent share of Korea’s online womenswear market, according to estimates cited by The Korea Times, and has been upgrading its products and price point to a higher-end positioning recently.
The deal is still contingent on approval from the Korea Fair Trade Commission.
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.