Overview of the Korean Apparel Industry

OVERVIEW OF THE KOREAN APPAREL INDUSTRY SUMMARY Koreas habilitate industry has shown steady yield over the past few years with the rapid continue by its consumers of foreign fashions, an increasingly wider physical body of apparel in the merchandiseplace and evolving industry marketing channels. The emergence of newborn diffusion networks for apparel has occurred in tandem with changing consumer tastes and purchasing patterns, well-nigh notably through E-commerce, TV home shopping, fashion outlets, and send packing stores, which for the most part, werent in existence before the 1997-98 economic crisis. These new channels now account for 40% of all apparel sold in Korea, while traditional channels, such as department and chain stores, comprise the remaining 60%. It is expect that these relatively new marketing options for apparel companies will develop even more important in the near future, as Korean firms strive to meet their consumers increasingly demanding preferences for a wider variety of purchasing options. At the same time, a more various(a) selection of apparel has become available for consumers, especially with the larger number of Korean firms claiming imported fashions.

As a result, more and more Korean consumers have been switching from internal apparel to foreign brands, while they also have shown greater interest in foreign-labeled apparel that is produced locally. In 2002, the total market size of this industry was USD 15.9 billion, up 5.5% over 2001, and it is forecast to come by 3%, to USD 16.4 billion, in 2003. END SUMMARY MARKET ASSESSMENT A. curry Market Profile In 1975, a ready-to-wear Korean clothing industry first developed, providing momentum for Koreas emerging national fashion/apparel industry. With the increase in Koreas GNP by the 1980s, and more women entering the workforce, this industry had developed into one which had begun to offer its customers increased choice in styles and fashions. By the mid-90s, the apparel orbit had... If you want to get a full essay, order it on our website: Orderessay

Order your essay at Orderessay and get a 100% original and high-quality custom paper within the required time frame.