Pedestrians with face masks walk through the Myeongdong shopping district in Seoul. Getty Images.
According to Euromonitor International, luxury leather goods, jewelry and watches in the country achieved $ 12.5 billion in sales last year – roughly in line with the previous year.
The segment braved a broader slump with global sales declining 19 percent last year, KoreaBizWire reports, with top 10 brands’ sales of more than 4 trillion won ($ 3.6 billion). The boost meant that sales of luxury in South Korea by 2020 surpassed those in Germany, making the former the world’s seventh largest luxury market.
Menswear in particular is thriving. Shinsegae Department Store reported this week, sales of men’s luxury goods rose 68 percent year-on-year between January 1 and April 16. The luxury business for men reported sales increases of 106 percent and 102 percent in March and April, respectively, compared to 93 percent and 79 percent. percent figures for luxury segments targeting women.