Credit: Louis Vuitton.
Because of the recent change in regulations that required disclosures for non-publicly traded companies with annual sales over KRW 50b (USD 42m), major luxury brands disclosed their sales in South Korea for the first time. Louis Vuitton Korea Limited 루이비통코리아유한회사 and Chanel Korea 샤넬코리아 were the two leading sellers in the category, with sales of KRW 1.5t (USD 1.34b) and KRW 930b (USD 833m) and profits of KRW 152b (USD 136m) and (USD 133m) respectively.
Hermes, Dior, Prada and Rolex were also major sellers. South Korea’s healthy economy, as well as the high net worth consumers’ channeling of their frustration at COVID-19 restrictions into “revenge consumption” 보복소비, led to an overall growth of the segment.
