LVMH Chairman Bernard Arnault (second from right) greets Shinsegae CEO Park Joo-hyung (far left) and Delphine Arnault, CEO of Christian Dior (second from left), before heading to the Louis Vuitton store. [Photo=Hong Seung-wan]
Bernard Arnault, chairman of Louis Vuitton Moët Hennessy (LVMH), visited South Korea for the first time in three years, touring major domestic retail channels such as Shinsegae and Lotte. His visit underscores the strategic importance of the Korean market as Louis Vuitton has recorded its highest-ever performance in the country amid a slowdown in global luxury market growth.
According to the retail industry, Arnault arrived at Shinsegae Department Store's flagship location in Sogong-dong, Seoul, around 12:30 p.m. on May 11, accompanied by his daughter, Delphine Arnault, CEO of Christian Dior. The store features the "Louis Vuitton Visionary Journey Seoul," which opened at the end of last year. This location is the largest Louis Vuitton store in the world, spanning six floors and offering both product sales and experiential spaces showcasing the brand's history and culture.
Shinsegae representatives, including CEO Park Joo-hyung and Head of Merchandise Division Jang Soo-jin, welcomed Arnault. The department store was closed to the public that day, so specific internal routes were not disclosed. However, during his previous visit to Korea in 2023, Arnault toured stores of LVMH brands such as Dior and Tiffany & Co., suggesting he likely visited key brand outlets again this time.
According to the retail industry, Arnault arrived at Shinsegae Department Store's flagship location in Sogong-dong, Seoul, around 12:30 p.m. on May 11, accompanied by his daughter, Delphine Arnault, CEO of Christian Dior. The store features the "Louis Vuitton Visionary Journey Seoul," which opened at the end of last year. This location is the largest Louis Vuitton store in the world, spanning six floors and offering both product sales and experiential spaces showcasing the brand's history and culture.
Shinsegae representatives, including CEO Park Joo-hyung and Head of Merchandise Division Jang Soo-jin, welcomed Arnault. The department store was closed to the public that day, so specific internal routes were not disclosed. However, during his previous visit to Korea in 2023, Arnault toured stores of LVMH brands such as Dior and Tiffany & Co., suggesting he likely visited key brand outlets again this time.
Arnault tours the Louis Vuitton store at Lotte Department Store's main branch. [Video=Hong Seung-wan]
Arnault then visited the nearby Lotte Department Store, where CEO Jeong Hyun-seok personally greeted him. After touring the Louis Vuitton store in the Avenue L section, Arnault moved to the Tiffany & Co. store, where he conversed with CEO Jeong for about ten minutes. He later returned to Avenue L to check out the Bulgari store.
Arnault enters Lotte World Tower with Shin Dong-bin, chairman of Lotte Group. [Photo=Yonhap News]
At Lotte Department Store in Jamsil, Shin Dong-bin welcomed Arnault and accompanied him throughout the 40-minute visit. Shin's eldest son, Shin Yoo-yeol, head of future growth at Lotte Holdings, was also present.
Although the Jamsil location was bustling with regular customers, Arnault toured the main and basement floors without any crowd control, visiting key stores.
Arnault's visit highlights the growing stature of the Korean luxury market. Since his last visit three years ago, luxury consumption in Korea has remained robust, particularly for high-end brands. According to Louis Vuitton Korea's audit report, the company's domestic sales reached 1.85 trillion won last year, a 6.1% increase from the previous year, while operating profit rose by 35.1% to 525.6 billion won.
Experts predict that this growth trend in the Korean luxury market will continue. Kim Myung-joo, a researcher at Korea Investment & Securities, stated, "The high growth in the luxury category that began last year has become even more pronounced this year," adding that the rise in semiconductor companies' stock prices and substantial bonuses have contributed to increased liquidity in the market.
* This article has been translated by AI.
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