SEOUL, Jan. 11 (Korea Bizwire) — South Korea’s fashion companies are jumping into making premium perfumes, driving head-on towards fierce competition.
Handsome Corp., an affiliate of Hyundai Department Store Group, plans to open up a Liquides Perfume Bar in South Korea, an all-brand store for niche perfumes from France.
The store plans to introduce some 10 types of lesser-known niche perfumes including Frapin and Obvious.
Shinsegae International Inc., the apparel arm of retail giant Shinsegae, was the first fashion firm to jump into the premium perfume industry.
Starting in 2012, the company’s perfume sales jumped from 1.9 billion won to 329.3 billion won (US$275 million) in 2020.
Fashion retailer LF Corp. joined the perfume competition in 2016 and plans to open up Jovoy, an all-brand French niche perfume store next month.
The fashion industry is joining the perfume industry one-by-one, convinced by the potential for growth.
Market researcher Euromonitor said that South Korea’s perfume market is expected to surpass 650 billion won in 2023.
Ashley Song ([email protected])