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LVMH Chairman and CEO Bernard Arnault met with top executives of three South Korean department stores to discuss potential partnerships as the French luxury empire is seeking to boost its presence in the country.
The three local department stores involved with the talks were Shinsegae Department Store, Hyundai Department Store, and Hanwha Group’s Galleria Department Store .
Arnault also met with Lotte Group Chairman Shin Dong-bin and Hotel Shilla Co. CEO Lee Boo-jin and her mother, Hong Ra-hee.
LVMH Moet Hennessy Louis Vuitton SE owns Louis Vuitton, Christian Dior, Givenchy, Fendi, Bulgari, TAG Heuer, and Tiffany & Co. brands.
According to Morgan Stanley, South Koreans spent $325 per person on personal luxury goods in 2022, making them the world's largest consumer of such items.
This is significantly more than the $280 and $55 that Americans and Chinese spend per capita, respectively.
The group has worked with a variety of K-pop stars, including Jisoo from BLACKPINK and J-HOPE from BTS, who were named worldwide ambassadors of its house brands.
