South Korean Fashion Apparel Marketing
As Korea's affluence and discretionary spending has surged, so has Koreans' interest in international fashion brands. The market now moves quickly. Consumers tend to pursue different and unique styles and values
Almost all high fashion brands are represented in Korea, rating Korea as one of their most profitable markets. Mid-priced range imported fashion brands are also rapidly establishing a market presence and enjoying success
Korean Fashion Apparel Market
The Korean fashion apparel market was valued at approximately £13 billion in 2008. A turning point came in 1997, when quotas were abolished and other barriers, including duties, were reduced
Since then, brand name apparel from European countries and the US has gained increasing prominence in the high-end market, and Korea has been recognised as a major centre for international fashion in Asia, along with Hong Kong and Japan
South Korean Fashion Distribution Channels
The number of select shops selling various foreign brands has increased rapidly over the past four or five years. A lot of local distributors, licensees and retailers are keen to import international fashion products from Italy, France, the US and the UK. Distribution channels have diversified, as demonstrated by various brand stores, flagship stores, traditional shopping districts and e-shopping malls
South Korean Fashion Apparel Industry
The Korean fashion industry has been hit by the effect of the global financial slowdown, like other markets. However, the Korean economy has recently shown positive signs of recovery, with a number of economic indicators improving. Large department stores keep expanding shopping space for imported apparel brands. Smaller department stores targeting middle-class consumers are also expanding; specialising in shops for imported goods. In fact, the country has seen a flood of popular foreign brands recently. Domestic fashion brands are on the brink of collapse against foreign brands’ aggressive advancement into market place
South Korean Fashion Brand Market
The Korean fashion market has evolved according to global fashion trends. Young designers’ contemporary fashion brands are becoming popular amongst Korean working women.