South Korea Clothes Market Report and Forecast 2024-2032 

South Korea Clothes Market Outlook

The South Korea clothes market is expected to grow at a CAGR of about 6.0% in the forecast period of 2024-2032. With the growing prevalence of e-commerce platforms, high disposable income and improved standards of living, the market is anticipated to follow the path of a positive trajectory during the projected time period.

Safety and Quality Standards in the Clothing and Textile Sector Augments the Clothing Demand

The Korean Certification Mark (KC mark)  is a required certification mark that denotes conformity with laws and regulations. Certain textile and garment products (including leather goods and footwear) imported into or marketed in South Korea are mandated to have the KC mark. For goods that are under its purview, KATS provides the KC mark. The Common Safety Standards for Children's Products, which apply to items, components, or accessories used by or for children under the age of 13, control infant and child textiles and leather products under the Special Act on Safety Management of Children's Products. Hazardous materials and criteria for physical safety are covered under the standard. Such safety and quality control standards help in building the trust of people, which compels the manufacturers to abide by the rules and produce quality products to meet the growing demand in the South Korea clothes industry.

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Collaboration With Celebrities for Endorsements Boosts Brand Awareness and Sales in South Korea

With the growing prevalence of 'Hallyu', brands now collaborate with K-Pop celebrities to reach out to local as well as overseas fans. Thus, due to the growing celebrity influence, especially among young generations, several clothing brands collaborate with K-Pop celebrities to promote their goods. In 2020, one of the leading athleisure brands, Andar , teamed up with the girl group Mamamoo to promote their new range of athleisure clothing. Such collaborations with celebrities help in gaining traction and boosting sales, thereby propelling the growth of the clothing industry in the country. In the short term, celebrity endorsements boost sales, while in the long run, they expand brand awareness. Additionally, this celebrity marketing strategy is particularly successful for launching a new product, growing a market, or repositioning a brand.

Market Segmentation

Based on type, the South Korea clothes market can be segmented into:

• Inner clothing

• Outer clothing

Based on material, the clothes market of South Korea can be divided into:

• Knit

• Woven

• Non-Woven

On the basis of application, the South Korea clothes market can be bifurcated into:

• Formal Wear

• Casual Wear

• Sports Wear

• Safety Wear

• Others

Based on end use, the South Korea clothes market can be divided into:

• Women

• Men

• Kids

On the basis of distribution channels, the clothes market of South Korea can be segmented into:

• Retail Stores

• Online Stores

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Continuous Research to Innovate Eco-Friendly Clothes to Bolster the South Korea Clothes Market

Because of their ongoing research and development (R&D), South Korean textile manufacturers are benefiting from the current global economic revival. Taekwang Industrial Co ., the first business in South Korea to commercialise spandex in 1979, is currently working on creating sustainable textiles. The business created recycled plastic waste-made spandex, and it intends to commercialise the recycled spandex to produce women's underwear and bags. The firm intends to increase the availability of its sustainable textile goods and is working to include the fabric for shoes and t-shirts in the market. In collaboration with other businesses domestically and overseas, the company has been developing technologies to recover fibres from low-quality plastic trash. Such eco-friendly innovations attract environmentally conscious people and aid the growth of the South Korea clothes market.

South Korea clothes market and textile industry was crucial to the first industrialization of the nation, but it has since been overtaken by other sectors, most notably the automobile and electronics industries. Although they continue to play a significant role in a variety of vertically integrated operations, the textile and clothing markets are still significant in South Korea. Moreover, with the rising disposable incomes and high standards of living, the South Korean population are willing to spend on premium and sustainable clothing available in the market, which proliferates the growth of the clothes industry in South Korea.

The Surge of E-commerce Platforms Leading to the Expansion of Clothes Market in South Korea

With a turnover of approximately US$92 billion  in 2021, South Korea was the sixth-largest market for eCommerce, ahead of France and behind Germany. The market has seen an increase in the purchase of clothing through online distribution channels. In the South Korea clothing market, technological advancements such as the development of user-friendly applications and websites and offering quick order placing, discounts, conducting online promotional events, and quick delivery of items are increasing the demand for clothes, particularly casual and formal wear.

The pandemic increased internet purchasing because individuals avoided going to physical businesses to avoid contracting the novel coronavirus infection. Poshmark, Inc., a prominent social e-commerce platform for new and used fashion, is slated to be acquired by Naver Corp., South Korea's largest internet firm, for an estimated $1.2 billion in enterprise value. According to a joint press statement issued by the two firms, the purchase broadens and diversifies Naver's premier e-commerce platform and prepares it to capitalise on global online fashion e-commerce and sustainable economic prospects.

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Key Players in the South Korea Clothes Market

The report gives a detailed analysis of the following key players in the South Korea clothes market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• 87MM Inc.

• UNIQLO Co., Ltd.

• Acme de la vie Co., Ltd.

• Charms Co., Ltd

• Ader Error

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report