SEOUL, January 11 (Korea Bizwire) – South Korean fashion companies are launching into the production of premium perfumes, leading head-on towards stiff competition.
Handsome Corp., a subsidiary of Hyundai Department Store Group, plans to open a Liquides Perfume Bar in South Korea, a store of all niche perfume brands from France.
The store plans to introduce about 10 lesser-known niche perfume types, including Frapin and Obvious.
Shinsegae International Inc., the apparel arm of retail giant Shinsegae, was the first fashion company to enter the premium perfume industry.
As of 2012, the company’s perfume sales jumped from 1.9 billion won to 329.3 billion won ($ 275 million) in 2020.
Fashion retailer LF Corp. entered the perfumery contest in 2016 and plans to open Jovoy, a French niche perfumery store of all brands next month.
The fashion industry is entering the perfume industry one after another, convinced by the growth potential.
Market researcher Euromonitor said South Korea’s perfume market is expected to exceed 650 billion won in 2023.
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