Fashion hotspots like Singapore, Tokyo and Hong Kong are now passé. South Korea’s capital city Seoul has now emerged as Asia’s new fashion capital, where you will find world’s top luxury brands competing with each other to catch the fancy of the trendy, fashionable South Korean youngsters fast adopting the ways of the modern world.
Recent studies have also indicated that South Korea has become a fastest-growing, key market in Asia taking the global luxury industry to new heights. According to the studies, the country has been acknowledged as a trendsetter and major influencing factor for fashion and luxury. It is no wonder that you will discover the presence of many leading global fashion brands during your business trip to Seoul.
French powerhouse Chanel made its foray in South Korea by holding its first ever 2015/16 Cruise Collection show in the capital city Seoul in May last year. Another global brand Christian Dior also made its advent in the country with the opening of its 6-storey flagship store in the upscale business district of Gangnam in June 2015. It is considered to be Christian Dior’s largest flagship store in Asia. Even world’s top luxury group LVMH, the owner of Louis Vuitton and Christian Dior, has traversed further by making a big investment in Seoul’s flourishing K-pop industry.
A fashion industry expert said that the realization has now dawned on global luxury firms that the fashion products that gain popularity in South Korea fast becomes a rage across Asia. Earlier, Singapore and Hong Kong were favorite destinations for luxury brands to set up shops. However, the scene has changed now and the focus of fashion business in Asia has now shifted to Seoul for the past three years now.
Studies by various industry experts are unanimous in their opinion that the global brand names of late find Seoul as real attraction and springboard to extend their reach into the Asian continent, particularly big markets like China. Hallyu (Korean Wave) of Korean pop music and TV shows have overtaken the psyche of Chinese people so much that whatever fashion trends are in vogue in South Korea are soon emulated by the youngsters in China. According to the studies, even European and U.S. firms are desperate to make huge investments in fashion products in the country hoping that their reach will ultimately extend in other Asian countries.
Seoul Fashion Week is also being held in the capital city for the past few years now. This has become an important platform for the designers to carve a niche for themselves and take their creations to the next level in the international markets. It is no wonder that Seoul has become the most sought after destination in Asia for merchandisers and overseas buyers.