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Louis Vuitton Korea’s profits went up by 68.9% in 2022, and this was reportedly due to “revenge shopping” since people were denied shopping due to the pandemic. Despite the price hikes, people have indulged in buying high-end goods; thus, luxury stores have recorded higher sales.
LVMH Group’s Louis Vuitton, as well as its other fancy brands such as Tiffany & Co. and Christian Dior, all logged high sales records in South Korea last year. Spending on luxury goods in the country apparently increased, and this was quite remarkable because this also happened after a series of price hikes for the brands’ flagship products.
As per The Korea Herald, Louis Vuitton Korea’s sales in 2022 were KRW1.69 trillion or about $1.2 billion. Compared to 2021, the amount showed a 15% increase in just a year. For LVMH's Christian Dior Couture Korea, its sales jumped by 52% on year to KRW929 billion last year, while its operating profits surged by 53% to KRW323 billion.
Louis Vuitton Korea raised the prices of its bestselling products, including the Alma BB handbag. The price hike was five times, and in 2022, the prices of its flagship products were increased again by two times. As of this month, the brand’s Alma BB bag is selling at KRW2.25 million and two years ago, this was only KRW1.75 million.
The prices of Christian Dior Couture Korea’s Lady Dior and Dior Caro bags have also increased by up to 20%. Its jewelry products were also given the same percentage of price increases.
Yonhap News Agency reported that the Korean unit of Louis Vuitton and Christian Dior have shown very strong performance in the country, and this can be attributed to the citizens who were deprived of shopping for a long time. They are seeking comfort by buying expensive items while travel and social activities were restricted at the height of the pandemic, which lasted for a long time.
Photo by: Christian Wiediger/Unsplash
