Fashion brands see sales decline in Korea

Luxury brands have seen a drop in sales in South Korea,

despite the Asian sector remaining a strong sales territory for most luxury companies. South Korea's economic turmoil has affected consumer confidence, especially spending on high end fashion and luxury goods.

In figures, Burberry Korea’s sales fell 5.3 percent to KRW228.1bn (approximately 201.5 million dollars) in the year to March 31 while its net profit dived 35.1 percent.

Gucci Group Korea also posted a 4.5 percent decline to KRW282.6bn in the year to December 31.

Ferragamo Korea’s net income declined 12.8 percent to KRW98.4bn.

Prada Korea however saw a 10.5 percent jump in its income to KRW58.8bn. This was down though from fiscal 2011’s 64.2 percent surge.