The EUR8.3 billion (USD11.33b) South Korean luxury market, Asia’s third largest behind China and Japan, has become a tougher place for global fashion houses to compete as young consumers turn to more accessible "contemporary brands" amid waning popularity of expensive premium brands such as Gucci, Louis Vuitton, Ferragamo and Burberry, and with domestic consumption mired in a prolonged slump.
Louis Vuitton was once the most popular luxury brand in South Korea, and its handbags garnered the nickname of "three-second bags" because of their ubiquitous appearances.
But the market has become more challenging in recent years, with increasingly sophisticated shoppers looking for new brands with distinctive designs that help them stand out from the crowd.
(Source: CNBC)