Fashion industry in South Korea has been one of the most important force in the global fashion stage. Every year events that are world-renowned will be held in South Korea that draw the world’s attention, such as the Seoul Fashion Week, Korea Fashion Design Contest and the Korea Style Week. Its stylish design wins the hearts far beyond domestic consumers. According to a survey on the preference on the fashion products’ country of origin conducted in the United States, almost 65 percent of preferences are on South Korean products, dominating the ranking by significantly leading the second place, Italy, by more than 50 percent.
Fashion industry in South Korea by sector
According to data in 2009, the fashion market composition based on percentage of market share is: women’s wear (21%), fashion accessories (14%), causal (14%), men’s wear (13%), sports (9%), luxury (7%), outdoor (6%), babies and kids (6%), golfwear (5%) and underwear (5%).
Polarized market performance for the fashion industry in South Korea
Currently, the market performance for high-end luxury, fast fashion brands and individual designer brand is divided into two ends. The luxury market in the fashion industry in South Korea, which accounts for 9.03 billion value, Asia’s third largest behind China and Japan, has become a tougher place for global fashion brands. Several largest luxury brands in the world are experiencing hard time. Louis Vuitton, once the most popular luxury brand in South Korea, garnered the nickname of “three-second bags” because of their ubiquitous appearance. Burberry’s South Korea sales contracted 5.2 percent in the 12 months to March 2013, with its operating profit down falling 40 percent to 21 million. Performance from the department store was also not good. Shinsegae Department Store saw its sales growth of luxury goods a dramatic fall from 32 percent in 2011 to just 4 percent in 2013. They are increasingly challenged by the individual designer brand as more and more young people are turning to more accessible and distinctive products.
The fashion industry in South Korea can still be continuingly developed because of the Korean TV drama and music. Thanks to their strong influence on the society, market developers in the fashion industry in South Korea have no worries bringing those most up-to-date fashion designs to the eyes of people and thus affect their tastes of apparel. This subconscious influence greatly benefits the fashion industry in South Korea.