Starting Today: 'Korea Fashion Market' Begins... "193 Brands, Up to 80% Discount"

Minister Sung Yoon-mo and Chairman Cho Sung-wook Attend Opening Ceremony on the 26th
Distribution and Supply Industries Coexistence... Large-Scale Online and Offline Discounts

[Asia Economy Reporter Kim Bo-kyung] The opening ceremony of the 'Korea Fashion Market,' which supports the sales channels of fashion companies struggling due to the novel coronavirus infection (COVID-19) crisis, will be held on the 26th.

Seong Yun-mo, Minister of Trade, Industry and Energy, and Cho Sung-wook, Chairman of the Fair Trade Commission, will attend the opening ceremony of the Korea Fashion Market held at Lotte Department Store Jamsil Branch at 11 a.m. on the same day.

As part of the 'Korea Together Sale,' the Korea Fashion Market was prepared to overcome the crisis of the fashion industry, which has been suffering from the recent economic downturn and COVID-19. From today until the 2nd of next month, it is a large-scale promotional event offering discounts both online and offline.

Earlier, on the 4th, the Fair Trade Commission led the signing of a win-win cooperation agreement between the distribution and supply industries. The agreement includes ▲ exemption from minimum guaranteed fees when charging rent fees, charging only a fixed rate based on sales ▲ (department stores) a 1 percentage point reduction per 10% discount rate, (large discount stores) up to a 5 percentage point reduction ▲ (department stores) early payment of funds up to 30 days, (large discount stores) payment the day after the monthly closing ▲ (online shopping malls) support for advertising and coupon costs, and up to a 60% reduction in sales commissions for new companies.

Fashion online platforms 'Musinsa' and 'W Concept' participate as distributors in the Korea Fashion Market. Offline, Lotte, Shinsegae, and Hyundai Department Store participate, offering up to 80% discounts on a total of 193 fashion brands including women's wear, men's wear, casual, outdoor, golf wear, and children's wear across seven stores.

Minister Seong Yun-mo stated, "I hope that through the Korea Fashion Market, which was created with government support and the distribution industry's response to win-win cooperation, the distribution and textile fashion industries can overcome the difficulties they face together."

He added, "Please thoroughly comply with safety guidelines to prevent COVID-19 and ensure quarantine management so that consumers can visit with peace of mind."

Chairman Cho Sung-wook said, "It is more important than anything for the distribution and supply industries to cooperate in a win-win manner to turn the crisis into an opportunity," and added, "The Fair Trade Commission will actively support so that the contents of the win-win agreement can work well in the field."

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