A lack of brand management expertise is failing to give fashion brands any staying power in the South Korean market according to a new report published on Monday.
More than 400 clothing brands – 29 per cent of the total – were shut down between the end of 1997 and 2001 said the report’s author, textile and fashion-consulting firm MPI. It added that a total of 344 new brands were launched in the same period.
The research found men’s suit brands were worst affected, dropping by 35 percent, followed by underwear brands at 34 per cent, women’s wear at 28 per cent, casual wear at 27 per cent and baby and children’s clothing at 25 per cent.
The report blames a lack of brand management experience among domestic fashion enterprises. “The brand-value management programs already common in developed fashion businesses overseas do not exist here yet,” said Choi Hyun-ho of MPI.