Fashion Industry Sees High-End Women's Clothing Sales Soar Despite 'Corona Recession'

[Asia Economy Reporter Yujin Cho] Despite prolonged recession and the adverse effects of the novel coronavirus disease (COVID-19), high-end women's clothing brands continue to show sales growth.

According to industry sources on the 22nd, Time, Hansem's flagship in-house brand, recorded a sales growth rate of 12.2% compared to the previous year from early December last year, when COVID-19 was first reported, to recently (based on December 1, 2019 to February 16, 2020). This represents a double-digit sales growth rate amid an economic downturn compounded by the COVID-19 crisis.

Le Beige, a women's clothing brand under Samsung C&T Fashion Division, also posted a sales growth rate exceeding 15% compared to the same period last year. Popular product categories such as tweed jackets, short padded jackets that can be worn as innerwear, and sweaters drove the increase in sales volume. Contemporary brands imported by LF, Isabel Marant and Vince, also saw sales growth rates of 15% and 10% respectively from December last year to January this year compared to the previous year. Isabel Marant’s oversized jackets, a signature item, led the popularity, while Vince sold many cashmere knits, cardigans, and wide pants.

These brands experienced significant sales growth in department stores, which were directly hit by COVID-19. This contrasts with the recent trend of offline retail sales suffering due to the widespread avoidance of multi-use facilities amid COVID-19 fears. Le Beige’s offline sales growth rate averaged 20%, higher than online’s 11%. During this period, offline sales accounted for 95% and 90% of total sales for Isabel Marant and Vince, respectively. Time’s offline sales proportion is estimated to be around 90%.

An LF official explained, "While online distribution is becoming the mainstream, the proportion of department store sales for high-end overseas contemporary brands has not decreased. These are high-involvement items where consumers carefully examine the material, fit, and color, so many consumers prefer to experience the products directly in stores."

The popularity of high-end lines amid economic recession is also analyzed to be related to the value consumption trend. Value consumption refers to a consumption pattern where individuals invest generously in products that provide high satisfaction according to their personal values. An LF official evaluated, "Centered on the millennial generation, the trend of value consumption, which spares no investment in unique fashion items, is spreading, and high-end brands pursuing differentiated identities continue to be popular even during the recession."

This content was produced with the assistance of AI translation services.