Chanel tops South Korea's luxury market

It surpassed Louis Vuitton with sales of $1.2b (KRW1.7t).

Chanel has claimed the top spot in South Korea's luxury market, according to Luxury Business Group.

The report said the brand surpassed Louis Vuitton with sales of $1.2b (KRW1.7t).

The combined revenue of the top four luxury brands, namely Louis Vuitton, Chanel, Christian Dior, and Hermès reached $3.78b (KRW5.2t) in 2022.

Brands like Christian Dior, Celine, and Rimowa have also shown high growth rates, positioning them as leaders in the market.

Conversely, watch and jewelry brands such as Rolex and Bulgari are seeing declining sales due to subdued demand for wedding specials and a shift in consumer preferences towards luxury smartwatches and lab-grown diamonds.

ALSO READ: Asia's luxury market undergoes reshuffling: report

Meanwhile, Fendi Korea reported an operating loss of $64.7m (KRW89b), largely due to increased expenses in advertising and sales management.

Other brands like Valentino, Tod's, and Tom Ford have also experienced sales declines ranging from 3% to 17% compared to the previous year.

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