▲ This file photo shows the logo of Louis Vuitton. (PHOTO NOT FOR SALE) (Yonhap)

 

 

SEOUL, Apr. 8 (Yonhap) – The domestic sales of Hermès and Louis Vuitton, the representative luxury brands, increased significantly last year due to "revenge consumption" following the prolonged COVID-19 pandemic.

According to DART(Data Analysis, Retrieval and Transfer System) on Apr. 8, the domestic sales of Hermès Korea reached 527.5 billion won last year, which increased by 25.8 percent from the previous year.

The business profit rose 27.8 percent to 170.4 billion won while the net profit rose 27.1 percent to 125.3 billion won.

Louis Vuitton Korea also recorded sales of more than 1 trillion won in Korea last year.

The sales rose 40.2 percent to 1.468 trillion won compared to the previous year, while the business profit rose 98.7 percent to 31.8 billion won. Besides, the net profit rose 219.8 percent to 224.9 billion won.

The rise in sales is found to be the result of the purchase of luxury goods becoming active enough to cause an "open run" phenomenon due to the influence of “revenge consumption” caused by COVID-19, and luxury brands increasing prices due to higher costs.

Louis Vuitton raised prices 5 times last year.

(This article is translated from Korean to English by Kim Sun Min.) 

 

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