LVMH Chairman Bernard Arnault (second from right) greets Shinsegae CEO Park Joo-hyung (first from right) and Delphine Arnault, CEO of Christian Dior (third from right), before heading to the Louis Vuitton store. [Photo by Hong Seung-wan]
Bernard Arnault, Chairman of LVMH Moët Hennessy Louis Vuitton, visited South Korea for the first time in three years, touring major domestic retail channels including Shinsegae and Lotte. His visit underscores the growing strategic importance of the South Korean market, especially as Louis Vuitton has reported record sales in the country amid a slowdown in the global luxury market.
According to the retail industry, Arnault arrived at Shinsegae Department Store's flagship location in Seoul's Sogong-dong 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," the largest Louis Vuitton store in the world, spanning six floors with a retail space and experiential areas showcasing the brand's history and culture.
Shinsegae representatives, including CEO Park Joo-hyung and Head of Merchandise Jang Soo-jin, welcomed Arnault. The department store was closed to the public that day, so specific internal details of the visit were not disclosed. However, it is believed that Arnault toured key brand stores, similar to his previous visit in 2023 when he explored LVMH brands such as Dior and Tiffany & Co.
Arnault tours the Louis Vuitton store at Lotte Department Store. [Video by Hong Seung-wan]
Following his visit to Shinsegae, Arnault proceeded to the nearby Lotte Department Store, where he was greeted by CEO Jeong Hyun-seok. After touring the Louis Vuitton store at the main location, Arnault moved to Tiffany & Co., where he engaged in a 10-minute conversation with Jeong. He then returned to Avenue L to check out the Bulgari store.
Arnault's visit reflects the elevated status of the South Korean luxury market. Over the past three years since his last visit, luxury consumption in the country 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, with operating profit rising by 35.1% to 525.6 billion won.
Experts predict that the growth of the South Korean luxury market will continue. Kim Myung-joo, a researcher at Korea Investment & Securities, stated, "The high growth of the luxury category that began last year has become even more pronounced this year," attributing this trend to the rising stock prices of semiconductor companies and substantial bonuses that have increased liquidity in the market.