Squid Sport’s director, Okay-Pop stars and Korean conventional music featured in Louis Vuitton’s runway present in Seoul to unveil the French model’s pre-fall girls’s assortment.
The occasion which occurred on Seoul’s Jamsugyo bridge Saturday and revealed designer Nicolas Ghesquiere’s creations, was the second vogue present Louis Vuitton has held in South Korea. The primary was in 2019, additionally for womenswear.
The present within the South Korean capital is an indication of how luxurious labels are catering to the world’s largest luxurious items spenders on a per-capita foundation, in keeping with Morgan Stanley. Louis Vuitton made greater than $1 billion in gross sales in that nation final 12 months, in keeping with an area firm submitting.
LVMH’s largest model is aiming to leverage the recognition of BTS pop stars, who’ve armies of followers worldwide. Celebrities reminiscent of Hollywood star Chloe Moretz watched Saturday’s present from the entrance row, whereas Squid Sport’s actress Hoyeon Jung was the primary mannequin on the runway. The present sometimes featured Korean conventional music, Gukak, with Squid Sport’s director Hwang Dong-Hyuk taking part as an advisor on the manufacturing.
Pietro Beccari, chief govt officer of Louis Vuitton, praised South Korea as “a cultural hub that continues to attract world consideration,” in an announcement forward of the present.
Luxurious manufacturers like Louis Vuitton “are paying consideration as a result of South Koreans have change into an vital buyer group,” stated Edouard Aubin, an analyst at Morgan Stanley, in an interview earlier than the occasion. The nation’s rising wealth, and its residents’ enthusiasm for magnificence and standing symbols, Aubin notes, are key drivers of curiosity within the model. Christian Dior, one other LVMH Moet Hennessy Louis Vuitton SE label, additionally held a present in Seoul final 12 months.
Morgan Stanley estimates South Koreans are the most important per-capita spenders on luxurious objects, amounting to $325 a 12 months, in comparison with $55 for Chinese language consumers. General, they symbolize about 6 p.c of worldwide spending on private luxurious items, Aubin estimates.
Louis Vuitton crossed the €20 billion ($22.1 billion) income milestone in 2022. The label’s profile has been boosted by world movie star spokespeople reminiscent of actress Zendaya and soccer participant Lionel Messi.
In February, Lous Vuitton appointed Pharrell Williams to the position of menswear designer, succeeding the late inventive Virgil Abloh. The musician turned entrepreneur will unveil his first assortment in June.
Earlier this 12 months, Beccari took over as CEO, following his profitable stint operating Christian Dior. Delphine Arnault, the daughter of LVMH CEO Bernard Arnault, changed Beccari on the group’s second-biggest model.
The robust efficiency of Louis Vuitton and a few of its peer manufacturers has boosted LVMH’s inventory worth, propelling the fortune of its controlling shareholder Arnault and making him the world’s wealthiest particular person.
Louis Vuitton gross sales final 12 months in South Korea got here in at 1.69 trillion gained ($1.27 billion), up 15 p.c from 2021, in keeping with an area firm submitting. That compares to 1.59 trillion gained for Chanel and 650 billion gained for Birkin maker Hermes Worldwide.
Louis Vuitton opened its first retailer in Seoul in 1991. In March, billionaire Arnault visited Seoul and met with heads of Korean department shops. His daughter Delphine Arnault was with him through the journey.
By Angelina Rascouet and Heejin Kim.
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