Seoul: LVMH Chairman and CEO Bernard Arnault is set to visit South Korea next week, marking his first trip to the country in three years, as reported by industry sources on Saturday. The visit highlights the significance of the South Korean market for luxury brands, given its reputation as one of the top global spenders on personal luxury goods.
According to Yonhap News Agency, Arnault is expected to make an appearance at Shinsegae Inc.'s flagship department store in central Seoul on Monday. This visit coincides with the recent opening of the Louis Vuitton Visionary Journeys Seoul store within the department store. The store serves as a major offline outlet for the high-end fashion brand, featuring exhibition spaces and restaurants.
In addition to visiting the Shinsegae store, Arnault is also anticipated to tour other Louis Vuitton locations within local department stores, including those operated by Lotte Group. This move underscores the importance of the South Korean market, where per capita spending on luxury goods reached $325 in 2022, as noted by Morgan Stanley, a global investment bank.