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| ▲ This photo provided by Shinsegae International shows Maison Margiela's "Replica" sneakers. (PHOTO NOT FOR SALE) (Yonhap) |
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| ▲ This photo provided by Samsung C&T Corporation shows a model wearing a pullover from French fashion brand, Ami. (PHOTO NOT FOR SALE) (Yonhap) |
SEOUL, May 20 (Yonhap) -- Sales of foreign fashion brands or so-called "new luxury goods," are soaring in Korea.
A large portion of the sales is attributed towards the MZ generation (Millennial generation + Z generation), who are willing to open their wallets for the styles they want.
According to the fashion industry on the 20th, Maison Margiela's sales, imported by Shinsegae International, rose 62.4 percent from January up to May 16th, compared to the same period last year.
During the same period, sales from Acne Studios and Paul Smith imported by Shinsegae International increased 33.4% and 39.3%, respectively.
All of these expensive fashion brands have a modern sense and are called "new items" in that they are distinguished from traditional luxury brands.
Considering that Shinsegae International's overall sales growth in the overseas fashion sector in the first quarter of this year was 21.4%, the sales growth of new luxury brands is noticeably strong.
An official from Shinsegae International explained, "The reason why sales in the overseas fashion sector performed well is because contemporary brands are good at marketing their products."
Maison Margiela's "Replica" sneakers, known as "German Army Shoes," are continuing their "sold out" stride as they are sold out at a high price of 690,000 won.
The same goes for new luxury brands imported by Samsung C&T's fashion division.
By May 15th this year, sales of French fashion brand, AMI, famous for their red heart and alphabet A logo, jumped 358% compared to last year around the same time.
Sales of the French contemporary brand Lemaire, known for their Croissant Bags, rose 166 percent. Thom Browne's sales rose by 41 percent.
An official from Samsung C&T said, "It is hard to find a brand that is growing with such a three-digit increase in sales in fashion."
When the corona virus outbreak hit the global fashion industries, many analysts say that the rapid rise in sales of new luxury brands is due to the fandom phenomenon of the MZ generation.
An official from the fashion industry said, "The MZ generation are willing to open their wallets if the fashion item is new and unique, even though it is expensive. These brands have captured the taste of the MZ generation."
Another industry official said, "We brought in foreign brands that will become importers and introduced them for a few years, and it naturally led to increased sales as it matched the taste of the MZ generation, who have become one of the major consumers."
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