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Price Cuts Swept The Korean Clothing Market

2012/3/13 9:20:00 27

Clothing Brand Price Competition Windbreaker

South Korea's economic recession caused people to worry about stagnant inflation and rising prices, while the domestic clothing market in Korea started a fierce price war, and clothing prices dropped and fell.

Korean apparel industry insiders pointed out that recently, global SPA brands such as Uniqlo, Zara, H&M and so on have reduced commodity prices, and occupy an increasing share in the depressed Korean clothing market through the price offensive.

These brands use price advantages to attract consumers, occupy major business circles such as the Ming Dong and the Jiangnan area, and enter the major department stores and shopping centers to expand the market.

Against this background, the Korean SPA brand and the major garment enterprises have also been forced to fight back and compete fiercely with overseas brands.

The first type of clothing to enter the price war is outdoor clothing.

Leisure clothes

And other types of clothing such as men's clothing followed.

In the Korean apparel market, the boundaries of other types of clothing such as outdoor clothing and casual wear are becoming more and more blurred.

In the first half of this year alone, more than 50 clothing brands planned to go public.

Sae a has experienced export experience. Recently, the commodity price of the group's casual wear brand Maypole has reached a maximum price of 50%; and LG Fashion's

Men's wear brand

Towngent and Tomboy, the brand of new world acquisition, also began to cut commodity prices this spring.

The brand Maypole has formulated a price strategy called "Smart Price". In February, it was newly sold in the market, such as pullover, zipper sweater, Polo shirt, round neck T-shirt,

Jacket

The price range of goods such as windbreaker, jeans shorts and so on is 30~50%.

LG Fashion's brand Towngent began implementing the "Happy Price" strategy this spring.

Suit

The price of goods such as coats and jackets is about 30%.

Women's wear

The leisure brand Tomboy began implementing the "Clean smart price" strategy this spring. The price range of goods such as coats, woolen sweaters and women's shirts was 15~20%.

Men's brands, such as Comodo Square and children's wear brand Tomkids, have also been engaged in price wars.

First, Mao has recently launched the SPA brand of 8 Seconds in South Korea. The group adjusts the prices of men's and women's jackets, dresses, men's pullovers and T-shirts, and strives to maintain a similar standard with the global SPA brands such as Zara and H&M.

Shinwon's menswear brand Siegfahrenheit also plans to adjust commodity prices this spring, and the specific adjustment plan is still under discussion.

Although the major garment enterprises are engaged in price war, the development of Korean clothing market is still depressed.

The rising cost of crude oil in the world has led to an increase in the cost of fabrics, and the rising cost of sewing factories in China and other overseas countries are all factors affecting the development of the Korean clothing industry.

Although price wars among brands can attract consumers and drive consumption to a certain extent, they will bring heavy losses to enterprises in the long run.