The Pformation Of European And American Fashion Brands In Korea, The End Of LOGO Supremacy

Recently, the reporter has analyzed in depth the development status of the European and American fashion brands in the Korean market, and how the Korean fast fashion brand has been developing to expand the larger market.

The era of "LOGO supremacy"

For many luxury brands, South Korea is still a developing market. Some of the traditional high-end brands once had absolute control over the market. A few years ago, the sales volume had maintained a two digit growth. Now, however, it faces multiple challenges such as declining sales and shrinking profits.

Shinsegae department store said that in 2011, the sales volume of luxury goods dropped from 32% to 4% in 2013. However, the growth rate of luxury goods sales in Lotte Department decreased from 21.3% to 7.8%.

LV used to be the most popular luxury brand in South Korea, but LV's handbag is called 3 seconds handbag, and LV can be seen every three seconds on Korean street.

The Bally brand has withdrawn from the Korean market, and Ferragamo has recently closed down the newly renovated franchise store in Galleria.

Fashion brands including Ferragamo, Dior and Coach have been in charge of the marketing department in Korea to deal with Korean fashion trends. Some stores have even begun selling anti season products.

The era that Europe and America can sell well only by LOGO is over. The Asian market has developed rapidly and matured in recent years, and the taste of consumers has been gradually improving in training.

Mature consumers are constantly looking for new brands, hoping to bring them different feelings.

Nowadays, luxury brands not only need to work hard on products, but also need to enhance the freshness of the overall image without weakening the reliability of products.

Targeting young people is the key.

Despite slowing growth, South Korea is still an important market for luxury consumption, thanks to many fans of Korean TV shows, TV shows and music shows.

The strong support of the Korean government in the cultural industry, including the export of cultural products, has promoted the development of related industries, especially the fashion industry.

Because of this, the importance of the whole Korean youth culture has gained the attention of many European and American fashion masters, who have focused on the young Korean group as an important factor in the success of the Asian market.

Young people have become major consumers and are the most important driving force in the market.

They prefer stronger Givenchy or Celine rather than traditional Chanel and Louis Vuitton.

They also like Mashup, such as wearing H&M clothes and Hermes bags.

Korean youths with strong fashion sensitivity are also more sensitive to the price of different sales channels, such as online shopping and outlets shopping, which can buy desirable products at a cheaper price.

Luxury goods groups including Chanel, Gucci and LV have been sponsoring costumes in Korean TV dramas to attract young fashion consumers.

Gianna Jun, a Korean temperament actress, has shown Celine's skirt and Jimmy Choo's shoes in the soap opera "from you of the stars".

The effective promotion of brand in Korea is also an important way to attract Chinese tourists.

They have the ability and willingness to travel to Korea to buy goods.

The brand needs to lay a solid foundation in Korea, sensitively aware of the trend and start to spread around Korea.