Sales close to 930 billion won! Korean men's demand for luxury goods expands

Recently, there has been a high demand for luxury goods among Korean male consumers in their 20s and 30s.

It is understood that South Korea's Lotte Department Store announced on the 11th that from January to March, the proportion of luxury goods sales to male customers by age group was 43.2% for those aged 20-30.

Lotte Department Store 's luxury store TOPS has seen an increase in the proportion of male customers in their 20s and 30s.

In addition, at SMALT, a comprehensive men's luxury goods store opened at Lotte Department Store's Guri and Middle East stores, sales in their 20s and 30s accounted for 47%, and new customers in their 20s accounted for 38%.

It is understood that French fashion brand Chanel is one of the so-called "three major luxury goods" and its sales in South Korea last year were close to 930 billion won. Although last year's sales were lower than in 2019, it was a good result considering the epidemic .

Chanel Korea announced on the 14th that sales last year fell 13% year-on-year to 99.6 billion won. During the same period, operating profit and net profit increased by 34% and 32% respectively to 149.1 billion won and 106.9 billion won.

On the 14th, rumors that some Chanel products would increase in price from the 15th also spread through online communities, attracting a large number of customers. Previously, similar situations occurred in May and November last year when product prices were raised.

In addition, the sales of French brand Louis Vuitton in South Korea exceeded 1 trillion won for the first time last year. This was the result of a sharp increase in sales due to revenge consumption of luxury brands brought about by the epidemic .

Louis Vuitton Korea said in its audit report on the 12th that its sales last year were 1.0467 trillion won, an increase of 33.4% from the previous year (784.6 billion won).

The company's sales exceeded 1 trillion won for the first time , and its operating profit reached 151.9 billion won, an increase of 176.7% from the previous year, while its net profit for the period increased by 284.6% to 70.3 billion won.

Since the beginning of this year, Louis Vuitton Korea has adopted a price increase strategy, including raising prices of some products . This is the first time Louis Vuitton has disclosed its performance since 2011.

"We plan to actively expand our luxury stores this year, such as opening two more stores in the second half of the year," said an official from Lotte Department Store.

South Korea

Luxury

Men