South Korea Luxury Fashion Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Clothing and Apparel (Jackets and Coats, Skirts, Shirts and T-Shirts, Dresses, Trousers and Shorts, Denim, Underwear and Lingerie, and Others), Footwear, Accessories (Gems and Jewellery, Belts, Bags, and Watches)), By Distribution Channel (Store-Based, Non-Store Based), and South Korea Luxury Fashion Market Insights, Industry Trend, Forecasts to 2035

South Korea Luxury Fashion Market Insights Forecasts to 2035

• The South Korea Luxury Fashion Market Size was estimated at USD 5.2 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 2.74% from 2025 to 2035
• The South Korea Luxury Fashion Market Size is Expected to Reach USD 7.0 Billion by 2035

According to a research report published by Spherical Insights & Consulting, the South Korea Luxury Fashion Market is anticipated to reach USD 7.0 billion by 2035, growing at a CAGR of 2.74% from 2025 to 2035. Some of the main factors propelling the market include the growing e-commerce sector, consumers' desire to stay current with trends, and the growing number of luxury brands collaborating with designers, artists, and celebrities to produce limited-edition collections.

Market Overview

The South Korean luxury fashion market encompasses high-end apparel, accessories, and shoes with outstanding quality, craftsmanship, and exclusivity are all part of the South Korean luxury fashion market. Rich consumers, especially Gen Z and millennials, who place a high value on cultural trends, status, and individual expression, are its main drivers. South Korea's robust economy, cultural exports like K-pop and K-dramas, and the growing popularity of luxury brands in brick-and-mortar and online retail settings all have an impact on the market. Additionally, to advantage from tax-free shopping, tourists frequently choose to purchase luxury fashion items as mementos. Accordingly, numerous luxury brands are growing their footprint in South Korea by setting up flagship stores and boutiques in strategic areas, increasing brand awareness and accessibility for consumers. Additionally, a number of high-end brands are working with South Korean designers, artists, and celebrities to produce limited-edition collections. These partnerships create buzz and increase customer involvement. In South Korea, top market players are also providing made-to-order services and customized shopping experiences.

Report Coverage

This research report categorizes the market for the South Korea luxury fashion market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea luxury fashion market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea luxury fashion market.

Driving Factors

One of the main factors fueling the demand for luxury brands that provide cutting-edge designs and exclusivity is consumers' growing desire to stay current with trends. Additionally, a positive market outlook is being provided by consumers growing awareness of sustainability and ethical production methods. In addition, the market's expansion is being reinforced by the growing appeal of cultural exports. Additionally, a positive market outlook is being provided by the country's growing reliance on e-commerce platforms and the widespread adoption of smartphones. Consumers can access a greater variety of brands and products through online shopping, which boosts market expansion and increases convenience.

Restraining Factors

Consumer spending has become cautious as a result of inflationary pressures and the overall economic slowdown. Price increases by major luxury brands have not always resulted in higher sales, which may indicate that some consumers are being put off by the higher costs.eko

Market Segmentation

The South Korea luxury fashion market share is classified into product type and distribution channel.

• The clothing and apparel segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea luxury fashion market is segmented by product type into clothing and apparel, footwear, and accessories. Among these, the clothing and apparel segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. This is driven by a robust demand from consumers for designer collections and luxury fashion brands.

• The store-based segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea luxury fashion market is segmented by distribution channel into store-based and non-store based. Among these, the store-based segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. This is driven by the substantial presence of department stores, multi-brand boutiques, and flagship stores.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea luxury fashion market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• LVMH Moet Hennessy Louis Vuitton
• Kering Group
• Prada Holding S.p.A
• H and M Hennes and Mauritz AB
• The Estee Lauder Companies Inc.
• Others

Recent Developments:

• In June 2025, Farfetch pushed into South Korea, one of the world's hottest luxury markets, through an integration with the R.Lux app, Coupang's luxury vertical in the country.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea Luxury Fashion Market based on the below-mentioned segments:

South Korea Luxury Fashion Market, By Product Type

• Clothing and Apparel
  • Jackets and Coats
  • Skirts
  • Shirts and T-Shirts
  • Dresses
  • Trousers and Shorts
  • Denim
  • Underwear and Lingerie
  • Others
• Footwear
• Accessories
  • Gems and Jewellery
  • Belts
  • Bags
  • Watches

South Korea Luxury Fashion Market, By Distribution Channel

• Store-Based
• Non-Store Based