- Angela Gonzalez-Rodriguez |
The French luxury label, not so long ago the primary object of desire for wealthy South Korean consumers, is now falling behind the competition.
Luxury brand Louis Vuitton has fallen behind its rivals in the South Korean market, with sales dipping into minus territory this year, industry data showed Monday, reported the ‘Korea Herald’.
While sales at a leading department store for the international fashion house for the January-October period backtracked 5.3 percent, Chanel and Hermes, achieved double-digit sales.
Furthermore, demand for Louis Vuitton products were down 2.1 percent at another department store during the same period, when Chanel added 13.7 percent and Hermes bagged 17.1 percent growth.
Exact sales figures are not available for Louis Vuitton, after its local operator was turned into a privately-held company from a limited company in 2012 when its lack of social contribution compared to its dividend propensity became controversial.