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March 29, 2024

Luxury fashion brands struggle in Korea

PUBLISHED : April 28, 2017 - 14:35

UPDATED : April 28, 2017 - 14:36

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[THE INVESTOR] Global luxury fashion houses including Dior, Balenciaga and Ferragamo struggled to improve earnings in 2016, according to the latest data on April 28.

As per data released by the Financial Supervisory Service, Ferragamo Korea’s operating profit in 2016 fell 12 percent to 5.9 billion won (US$5.20 million) while its revenue inched up 3 percent to 149.9 billion won on-year. Fendi Korea’s operating profit was down 11 percent to 2.47 billion won while Dior suffered an 8.36 billion won operating loss here.




More and more customers are opting to purchase directly from overseas, noted an industry watcher.

Bottega Veneta and Saint Laurent were among those who fared well in Korea, posting operating profits of 8.8 billion won and 6.4 billion won, up 34 percent and 49 percent, respectively.

International watchmakers had a relatively better year. Rolex Korea’s operating profit rose 2.5 percent to 52.6 billion won while its revenue dipped 4.7 percent to 310.6 billion won. Swatch Group Korea’s operating profit saw a 63 percent surge to 31.5 billion won.

The Korean operations of Hermes, Chanel, Gucci and Louis Vuitton remain private and their earnings were not revealed.

By Hwang You-mee (glamazon@heraldcorp.com)

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