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S Korean fashion brands expand overseas amid slump at home
Oct '17
S Korean fashion brands expand overseas amid slump at home
South Korean fashion firms are keen on tapping into overseas markets due to a prolonged domestic slump. The domestic fashion market’s size is projected to reach 39.3 trillion won in 2017, which would mark the fourth consecutive year of single-digit growth for the industry, causing many industry watchers to perceive it as a sector slowdown.

Shinsegae International Inc., the apparel arm of retail giant Shinsegae currently runs 48 branches of the VOV womenswear brand, said it is planning to open three more stores in China this year. Along with G-CUT, which opened its ninth store in China in 2016, Shinsegae International wants to rack up 150 billion won in the neighbourhood market in 2020, according to a South Korean news agency report.

LF, the apparel affiliate of the LG Group, entered the European market in August by launching its brand HAZZYS in Paris-based concept store Colette. Handsome Corp., the apparel unit of Hyundai Department Store Group, opened stores for its casual brands SYSTEM and SYSTEM HOMME in Galeries Lafayette upmarket department store in Paris in February this year.

The fashion division of Samsung C&T Corp. is also trying to expand its presence abroad, opening branches in New York and Hong Kong. (DS)

Fibre2Fashion News Desk – India

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