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.
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 to Euromonitor International.
The segment defied a wider slump that saw global sales drop 19 percent last year, KoreaBizWire reports, with sales of the top 10 brands exceeding 4 trillion won ($3.6 billion). The boost meant South Korea’s 2020 luxury sales outpaced those in Germany, making the former the world’s seventh biggest luxury market.
Menswear, in particular, is flourishing. Shinsegae Department Store reported this week that sales of luxury items for men increased 68 percent year-on-year between January 1 and April 16. Its men’s luxury business reported a sales boost of 106 percent and 102 percent for March and April respectively, compared to 93 percent and 79 percent figures for luxury segments aimed at women.
People of Indian and Pakistani heritage are critical to the UAE’s fashion sector, leading billion-dollar retail empires, trading textiles and jewellery and stitching garments for Middle Eastern brands.
Influencer Irene Kim and V&A curator Rosalie Kim join Chanel executive Yana Peel to chart South Korea’s rise to global creative juggernaut.
BoF sits down with Zainab Abdulrazzaq, founder of 3oud.com and organiser of the Oud Fashion Talks, to discover the next steps for the event, designed to cement Kuwait’s place on the international fashion map.
The World Economic Forum in Davos, a retail convention in New York and menswear shows in Paris will command the industry’s attention. Plus, what else to watch for this week.