Major luxury goods brands South Korea 2023, by sales revenue

n 2023, Chanel had the highest sales revenue among luxury brands in South Korea at around 1.7 trillion South Korean won. Chanel was also the most well-known global high-end brand among South Korean consumers. Despite other brands, such as Gucci and Prada, also being known to consumers, only Chanel, Louis Vuitton, Dior managed to exceed the one trillion won mark in sales in 2023.

Luxury sales in department stores

Luxury stores have their own prestigious stores in the retail market in South Korea, especially in Seoul. Luxury brand sales were a vital part of department store sales, hovering around a third of all sales in the last three years. The image of high-end brand items matches the belief of department stores being high-class or premium held by many consumers.

Luxury shopping behavior

Many South Korean consumers pay great attention to appearances, and flaunting fashion items is rather common. Luxury goods are therefore often bought for that purpose, but for some, these goods are also an investment. According to a survey in conducted in July 2024, around 45 percent of South Koreans purchased high-end brand articles in the last year, showing a level of openness among consumers to such products.