The size of domestic fashion market in South Korea is expected to reach US $ 34.3 billion this year, states Samsung Fashion Institute in its report.
The forecast is based on the efforts made by major apparel companies to increase their businesses in the country. The fashion market in South Korea which expanded 11.8 per cent in 2011 has greatly evolved due to inspiration from the West.
“We’re so used to selling our products, incorporating traditional elements when it comes to foreign markets. The companies need to upgrade the brands in a way that can be more distinguished with those made by competitors, such as focusing more on premium line-ups,” an official at the Samsung Fashion Institute said.
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According to the Korea International Trade Association, South Korea’s apparel trade balance however remained in deficit, with exports reaching US $ 1.89 billion and imports totalling US $ 8.33 billion.
