Renowned fashion journalist Suzy Menkes announced that the Condé Nast International Luxury Conference next year will take place in Seoul. The first was held in Italy earlier this year.
Until recently, global luxury fashion brands used to see the Korean market as a kind of sidecar of the Asian market led by China. Now, on the contrary, they are regarding the Korean market as a trend maker, a trend setter, and a trend leader that exerts more influence on the global fashion industry than China and Japan. These days, moguls in the industry are saying that Korea, not Japan, is the center of the global fashion industry and is their testbed that guarantees worldwide success.
The Korean luxury market ranked eighth last year, breaking the 11 trillion won (US$9.8 billion) mark. However, it is said that its ripple effect is something greater than the figure, and is appealing more and more to famous brands. Earlier this year, VOV.com said that the Korean fashion wave led by edgy Korean designers hit the world, and Seoul is the hottest place for luxury brands and trend setters.
Global luxury brands are known to think that Seoul’s appeal also includes its proximity to consumers in China, the world’s largest fashion market.