Fashion
Following the launch of its concept store in Seoul’s Seongsu-dong district last year, LVMH-owned luxury house Dior will open its largest brick-and-mortar store in South Korea in the second half of this year.
Located inside one of the country’s largest department stores Hyundai Department Store Pangyo, Dior’s new flagship store will mark the largest among women’s boutiques, except for the men’s/women’s boutiques ‘House of Dior,’ ‘Dior Sung Soo,’ and The Hyundai Seoul Dior Boutique.
Christian Dior Couture Korea’s net income swelled 54.8 percent on-year to $184 million last year, while its operating profit and sales in South Korea both rose over 50 percent on-year, according to its regulatory filing.
Hyundai Department Store said last year it planned to invest approximately 200 billion won in upgrading its six branches: Apgujeong, The Hyundai Seoul, the Trade Centre branch, the Mok-dong branch, the Pangyo branch, and the Daegu branch.
Dior has also just named Haerin, a member of the Kpop group NewJeans, as its new brand ambassador for Jewellery and House Ambassador for Fashion and Beauty at Dior.
International luxury brands are paying close attention to the South Korean market as they employ various strategies to gain more customers, particularly those in Gen Z. According to Morgan Stanley, South Koreans were the world’s biggest spenders on personal luxury goods with the nation’s per capita spending amounting to US$325.
