Korean media says country’s outdoor apparel market is in trouble
07/11/2019
This follows reports that LF, the apparel affiliate of LG Group, plans to gradually shut down all of its French outdoor brand Lafuma stores by next year. Concurrently, Millet Edelweiss Holdings, Millet’s Korean branch, is said to be looking for companies interested in a potential takeover.
Calling the situation in the outdoor fashion industry “dire”, Korea Bizwire reported that, according to Samsung Fashion Institute, the South Korean outdoor fashion market was as large as 7.1 trillion won ($6.1 billion) in 2016 but dropped to 4.5 trillion won ($3.9 billion) by 2017.
Further examples of decline include outdoor apparel companies K2 Korea, whose annual sales dropped from 352.1 billion won in 2016 to 308.8 billion won in 2018, and Black Yak, whose annual sales fell from 426.7 billion won to 387 billion won over the same period.
According to Korea Bizwire, experts say the struggles may result from overall economic downturn, excessive competition, and the growing popularity of casual fashion. Also, it added, there is a belief among South Koreans that outdoor fashion is for the older generations, causing younger South Koreans to shun outdoor brands.
Image: The K2 Korea Ghost Long coat
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