In South Korea, the luxury sector is undergoing a radical transformation. While some brands are reaching sales peaks, others are struggling to keep pace. At a time when consumption is polarizing around a few major houses, mid-range players and local platforms are in sharp decline.
Despite a generally tense economic context and a decline in discretionary spending, three brands stand out in South Korea : Chanel, Louis Vuitton and Hermès. In 2024, these iconic brands posted record sales, illustrating the strength of their position in this demanding market.
The leading brands on the Korean market : Chanel, Hermès, Louis Vuitton…
In 2024, Chanel Korea dominated the market with sales of around $1.29 billion, up 8.2% on 2023. Just behind, Louis Vuitton Korea generated $1.25 billion, up 5.8%. But the strongest growth came from Hermès Korea, with an impressive leap of 20.9% to $680 million. Its ultra-premium positioning seems to appeal more than ever to wealthy Korean customers, who are always on the lookout for exclusivity.
In total, the three brands achieved combined annual sales of $3.22 billion, up 10.6%. A figure all the more remarkable in an uncertain economic climate, especially as the strategic price increases applied by Hermès or Chanel do not seem to have dampened demand – quite the contrary.
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Read also > [INVESTIGATION] South Korea: Why the country will be such a magnet for luxury goods in 2023 ?
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