LUXURY
“ The demand for European brands , especially in terms of luxury , is enormous ,” Kustosz-Lee said .
" South Koreans are well-travelled and well-versed in Western culture , and they enjoy wearing globally recognised brands . Over the years , Korean consumers have become more sophisticated . Currently , the ' quiet luxury ' trend , as many call it , is very prominent , with a clear preference for subdued colours and designs ."
The impact of K-entertainment and culture The rise of K-entertainment has also played a pivotal role in shaping the luxury market in South Korea . Luxury brands are increasingly leveraging the popularity of K-pop and K-drama celebrities to reach out to their fanbase . The past few years have brought a wave of luxury brands appointing K-stars as their brand ambassadors to increase brand visibility and demand .
Luxury items worn by actors in popular
South Koreans are well-travelled and well-versed in Western culture .
K-dramas often become highly sought after . The clothes , accessories and even cosmetics used by characters in these shows are quickly identified by fans , often leading to a surge in demand for these products .
“[ Dior ] organised the Lady Dior Celebration exhibition , featuring 24 South Korean artists with 42 works on display ,” Kustosz-Lee said . “ The show also coincided with the Korea International Art Fair [ Kiaf ] 2023 and the Frieze Seoul Art Fair in September .
“ The opening was joined by their brand ambassadors , such as Jisoo from BlackPink , Jimin from BTS , Haerin from NewJeans , and the actress Han So Hee . This was a way to show tribute to South Korean soft power , and they did it the best way possible – with visible results . Showing respect for art and culture , and mixing it up with the right ambassadors is a great recipe for success .”
Meanwhile , luxury brands are also investing in strategic moves that link them to Korea ’ s cultural heritage . For example , last year , Gucci presented its Gucci Cruise 2024 Collection on the sacred grounds of Gyeongbok Palace in central Seoul .
“ One thing that Western luxury brands have been doing over the past few years is putting a lot of effort into localising their presence here by showing respect to the local culture . Which is paying off as , like in other markets , the South Korean consumer is becoming more discerning ,” Kustosz-Lee concluded .
Felix and Bang Chan of Stray Kids perform at the British Summer Time festival at Hyde Park in London
42 www . insideretail . asia August 2024