With luxury purchases of US$325 per capita in 2022, South Koreans are the now the world's largest customers for high-end goods. Whilst luxury sales could fall in the U.S.A. in 2023 due to tensions in the housing market, the head of LVMH travelled to Seoul to meet potential partners and K-Pop influencers.
On 20 March, Bernard Arnault, C.E.O. of LVMH (turnover of €79.2 billion in 2022, up by 23%) and his daughter Delphine, C.E.O. of Christian Dior, travelled to South Korea for a three-day visit to meet Directors of the main department store chains for partnership discussions. Meetings in Seoul included owners of Shinsegae, Hyundai and Galleria (Hanwha group) and the President of the Lotte Group.
The previous visit by LVMH to South Korea, a country driven by strong digitalisation and K-Pop...
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