(as of Oct 13,2023 00:41:19 UTC – Details)
Korea is one of the world’s largest fashion industries. And its impact on global fashion is even larger. Due to rise in demand for K-Pop, K-Dramas and other entertainment offerings from Korea, luxury houses have tapped Korean icons to further their brand reach.
The fashion apparel industry of Korea accounts to almost $40 billion per year which is one of the largest in the world and is expected to grow further at a rate of more than 4% annually. Further, amongst the developed economies (the group of seven) that has a GDP per capita of over $30,000 and a population of over 50 million people, Koreans are the highest spenders on fashion per capita.
Changing sales channel landscapes are also worth noticing. Korea is currently the world’s third largest e-commerce market only behind China and the US. As a result, re-organization of sales channels by traditional retail giants are taking place with closing down of physical stores and a further focus on investments in on-line platforms and mega-sized department stores.
As Koreans are also very sensitive toward fashion trends, a rise in licensed apparels that stand-out from conventional brands are also worth noticing.
ASIN : B0BVZ1SG55
Publication date : February 15, 2023
Language : English
File size : 989 KB
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