Price cuts sweep the Korean apparel market

The economic depression in South Korea has caused people to worry about stagflation and rising prices, while the Korean domestic apparel market has set off a fierce price war. The prices of apparel goods have fallen forever.

According to industry insiders in South Korea's fashion industry, global spa brands such as Uniqlo, Zara, and H&M have recently lowered their prices, and have taken an increasingly large share in the sluggish Korean apparel market through price offensives. These brands use price advantage to attract consumers, occupy major commercial circles such as Myeong-dong and Gangnam, and also enter major department stores and shopping centers, and continue to expand the market. In this context, South Korea's domestic SPA brand and major apparel companies are not to be outdone. They have made counterattacks and are fiercely competing with overseas brands.

The first type of clothing to join the price war is outdoor clothing, casual wear and men's wear and other types of clothing. In the South Korean apparel market, the dividing line between outdoor apparel and casual wear and other types of clothing is increasingly blurred, and the apparel industry is undergoing changes. In the first half of this year alone, more than 50 apparel brands plan to go public.

Sae a has extensive experience in exporting goods. Recently, the group’s casual wear brand Maypole’s merchandise price cuts reached a maximum of 50%; LG Fashion’s men’s brand Towngent and New World International’s acquired brand Tomboy also started to lower commodity prices from this spring. .

The brand Maypole has developed a price strategy called “Smart Price”. In February, the prices of newly listed sweaters, zipper sweaters, polo shirts, round neck T-shirts, jackets, windbreakers, and denim shorts were reduced by 30 to 50. %. LG Fashion’s brand Towngent started implementing the “Happy Price” strategy this spring, and the price reductions for items such as suits and jackets were around 30%.

Women's casual brand Tomboy started implementing the "Clean smart price" strategy this spring. The price cuts for coats, sweaters, blouses and other goods are 15 to 20%. Men's clothing brand Comodo Square and children's wear brand Tomkids have also entered the price war one after another.

First woolen recently launched 8 Seconds, a Korean SPA brand. The group adjusted the prices of men's and women's jackets, dresses, men's pullovers, and T-shirts, and sought to maintain a similar level with global spa brands such as Zara, H&M, and others. Shinwon’s men’s brand Siegfahrenheit also plans to adjust the prices of commodities this spring. Specific adjustment plans are still under discussion.

Despite the major apparel companies have joined the price war, the development of the Korean apparel market is still sluggish. The rise in international crude oil prices has caused the cost of fabrics to increase; labor costs in sewing factories in overseas countries such as China have increased, and these factors have affected the development of the Korean apparel industry. Although the price war among brands can attract consumers and stimulate consumption to a certain extent, in the long run, it will surely bring heavy losses to enterprises.

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