What: Luxury giant is reported to consider new partnerships in Korea, one of the most dynamic markets when it comes to luxury.

Why it is important: While the nature of the partnership is not discussed in the article, it is interesting to see that LVMH sees Korean department stores are relevant structures to talk to, and also raises the question on how they plan to share the market (revenue, data, customers) in the future with wholesalers globally.

LVMH CEO Bernard Arnault met with top executives from South Korean department stores, including Shinsegae, Hyundai, Hanwha Group’s Galleria, and Lotte Group, to discuss potential partnerships.

This comes as LVMH aims to strengthen its presence in South Korea, a significant market for luxury brands. South Koreans had the highest per capita spending on personal luxury goods in 2022.

The French luxury group, which owns brands like Louis Vuitton, Christian Dior, and Tiffany & Co., has previously collaborated with K-pop celebrities as global ambassadors for its brands.

LVMH is eyeing special partnerships with Korean department stores