Bottega Veneta, Rolex, Dior Mega-Stores… Seoul Emerging as the ‘Number One Destination for Luxury Goods’

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In the first half of next year, an entire six-story building with a total area of 3,200 square meters (969 pyeong) on the luxury street in Cheongdam-dong, Gangnam-gu, Seoul, will be converted into a store for the Italian luxury brand Bottega Veneta. This is a brand that has never opened a standalone store outside of a department store, despite having 28 locations within domestic department stores. Just a few steps away, Tiffany & Co. is opening …

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Fashion houses claim that the luxury sector is not like others. While manufacturers of lower-class consumer goods can thrive by cutting costs and reducing the cost of...