Luxury Brands in Korean market (include Maison Hermes, Cartier)

When you walk around the streets in Korea.

You can't miss the young lady who wears a Louis Vuitton or a Prada bag with Chanel cosmetics.

Which luxury brand is the strongest in Korea?

No.1 is Louis Vuitton.
They sold $168M last year.
Second is Gucci with $146M.
And Ferragamo, Prada, Bvlgari, Fendi...

Louis Vuitton's speedy bag is called "Sunyoung (popular korean woman's name)'s bag"
That is much common in here.

Department stores say Korea's luxury brand market is the fifth in the world.
(Think about South Korea's population, they have really strong buying power.)

Hermes opens 4th flagship store in Seoul in 2006.
After Paris, New York, Tokyo.

Called Maison Hermes Dosan Park. (designed by Hilton Mcconnico)

Take a look.

The third floor.
They opened this place as exhibition hall .

This stairs finished with white leather.

You can see Hermes's antique collections.

Under ground floor. Cafe Madang.
Every equipment from Hermes.

Order two cups of coffee!

And sliced Biscotti cookie!

FYI: The price so high but the taste is not so high.

Recently, Cartier Maison (Designed by David-Pierre Jalicon) opens first time in Asia.

After Paris, London, New York.

Take a look.

Why do Koreans like luxury brands?

Professor Kim NanDo (SNU) says,
Koreans want to look for their own identity from shopping.

It is called "Buydentity".

Rapid economic development brings this "Buydentity" culture.

Another way this buydentity culture brings Korea to PRUV (Proud Realisers Of Unusual Value)trend, too.

PRUV (Proud Realisers Of Unusual Value) tribe who buy unknown luxury brands.

They buy products during their trip or through internet shopping.

Always people want other options to move.