-By Ankita Dutta.
The pre-fall women’s collection from the French fashion house Louis Vuitton was unveiled
in Seoul at a runway show that included the director of Squid Game, K-Pop artists, and
traditional Korean music.
It is the second time that the fashion show for Louis Vuitton organised in South Korea. The event, which took place on Saturday on Seoul’s Jamsugyo bridge and displayed the designer Nicolas Ghesquiere’s creations, was held there. Additionally for womenswear, the initial release was in 2019.
According to Morgan Stanley, the exhibition in the capital of South Korea is an example of how high-end brands are appealing to the countries with the highest per-capita spending on luxury products. In accordance to a local company filing, Louis Vuitton made more over $1 billion in sales in that nation last year.
The biggest brand under LVMH is attempting to capitalise on the global fan bases that BTS and other Korean pop stars enjoy. Chloe Moretz, a Hollywood star, and other famous people were in the front row to see the event on Saturday. Hoyeon Jung, an actress from the Squid Game, was the first model to walk the runway. Hwang Dong-Hyuk, the director of Squid Game, served as a production advisor and occasionally performed Gukak, a traditional Korean song.
In a statement prior to the show, Pietro Beccari, chief executive officer of Louis Vuitton,
commended South Korea as “a cultural hub that continues to draw global attention.”
Edouard Aubin, an analyst at Morgan Stanley, stated in an interview conducted prior to the
event that luxury labels like Louis Vuitton “are paying attention since South Koreans have
grown into an important customer group.” According to Aubin, the main factors influencing
enthusiasm for the brand are the nation’s increasing affluence and its residents’ love for
status symbols and objects of beauty. Another LVMH Moet Hennessy Louis Vuitton SE
brand, Christian Dior, presented a presentation in Seoul last year.
According to Morgan Stanley, South Koreans spend the most per capita on luxury goods,
$325 annually, as opposed to $55 for Chinese consumers. According to Aubin, they account
for around 6% of all personal luxury spending worldwide.
In 2022, Louis Vuitton’s revenue surpassed the €20 billion ($22.1 billion) mark. Globally
famous representatives for the brand, like the actress Zendaya and the footballer Lionel
Messi, have raised its profile.
Louis Vuitton and other of its peer brands have performed well, which has increased the
value of LVMH’s stock and made controlling shareholder Arnault the richest person in the
world.
According to a local company filing, Louis Vuitton sales in South Korea for the previous year
totaled 1.69 trillion won ($1.27 billion), an increase of 15% from 2021. This contrasts with
Chanel’s 1.59 trillion won and Hermes International’s 650 billion won sales of Birkin
handbags.
In 1991, the first Louis Vuitton shop was established in Seoul. The wealthy Arnault travelled
to Seoul in March and spoke with the directors of Korean department stores. During the
journey, he was accompanied by his daughter Delphine Arnault.
