Luxury in Asia

Korea’s luxury market grew rapidly last year. According to information from the Financial Supervisory Service, Louis Vuitton Korea’s sales last year increased by 35.8 percent to W121.3 billion (US$1=W929), up from W89.3 billion in 2005. The luxury goods maker’s net profit grew a whopping 92.7 percent from W4.1 billion in 2005 to W7.9 billion in 2006.

Gucci Group Korea’s sales rose 15.4 percent from W121.5 billion in 2005 to W140.2 billion last year. Ferragamo Korea also showed rapid growth, recording sales of W47.8 billion, up 10.4 percent from the previous year’s W43.3 billion. Ferragamos’s net profit hit W7 billion, an increase of W800 million or 12.9 percent.

According to data from the Ministry of Commerce, Industry and Energy, sales of luxury goods in department stores in March increased 16.1 percent from the previous year, surpassing the average department store sales growth of 4.3 percent. 

Source : Chosun

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