The French luxury brand Dior has hit record sales in South Korea last year, marking its highest revenue to date in the country. This significant milestone was achieved through a strategic local market approach, which included appointing BLACKPINK’s Jisoo as an ambassador and even launching a children’s clothing line.
According to an audit report from Christian Dior Couture Korea (Dior), the brand’s sales in South Korea for the previous year reached 1.0456 trillion KRW (approximately 865 million USD), a 12.4% increase from the prior year’s 930.5 billion KRW (770 million USD). Despite this surge in sales, Dior’s operating profit and net profit saw slight declines of 3.6% and 1.7%, totaling 312 billion KRW (258 million USD) and 238.6 billion KRW (197 million USD), respectively.
In a market where the growth of luxury goods has plateaued, Dior’s double-digit sales growth stands out, especially considering that sales of foreign luxury brands in major department stores only increased by 0.5% last year, according to the Ministry of Trade, Industry, and Energy. Comparatively, Dior’s sales have more than tripled in three years since 2020, when revenues were 328.5 billion KRW (272 million USD).
This growth is attributed to consistent price increases for popular bag and jewelry products and an expansion strategy that saw Dior’s department store locations grow from 21 at the end of 2022 to 24 by the end of last year. The brand also ventured into the high-end baby product market with its “Baby Dior” line.
However, despite setting a new sales record, Dior’s contributions to local charities in South Korea amounted to only 19.2 million KRW (15,900 USD).
Source (1)
The post Dior Sees Record Sales in Korea, Thanks in Part to BLACKPINK’s Jisoo appeared first on ZAPZEE – Premier Korean Entertainment Magazine.