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Louis Vuitton’s Popularity Fading In Korea

By March 9, 2017 at 7:10 am
LV Bags (Photo : Getty Images)

Louis Vuitton is said to be losing its luster and popularity in Korea despite the fact that it has been considered as the brand which offers relatively low prices compared to the other top brands. This luxury brand became popular with young women in Korea just a few years back.

According to some of the industry's officials, Louis Vuitton's sales have been dropping at major department stores in Korea for years already. Compared to Hermes and Chanel, its sales even contracted at one department store the previous year.

Some of the representatives of the said company claimed admitted that some of its sales face setbacks but figures were not revealed. A PR agent also of the company claimed that even if Louis Vuitton saw its sales dropped at some stores, the overall sales still increased as reported by Korea Times.

Louis Vuitton in Korea took advantage of its double-digit growth in sales until the past six years. The growth in sales is attributed to the popularity of the brand and its influence and impact on the country's leading retailers.

To illustrate, the Dongwha Duty-Free Shop is having a difficult time because of a report which suggested that its outlet will be up for sale. This issue stemmed from the report when Louis Vuitton pulls out last year from the nation's first downtown duty-free store for the first time.

On the other hand, Hyundai Department Store also encountered backlash last year because of claims that Louis Vuitton will open a store at its target duty-free shop. But this has been dismissed later by the brand's sales agent.

It can be recalled that CEOs of Korea's retail giants met with Bernard Arnault of LVMH during his visit in Korea the previous year. It has been revealed out of the meeting that the head office decides if they will open or close stores at duty-free shops in Korea.

But there were reports claiming that Louis Vuitton's impact over the local retailers in Korea may decline and decrease in the future as some consumers are already expressing their disinterest to shell out the big amount of money for its products.

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