Bernard Arnault, chair of Louis Vuitton Moët Hennessy (LVMH), chose the Louis Vuitton store at Shinsegae Department Store's main branch "The Reserve" as his first stop in Korea, which he visited for the first time in three years.
Around 12:30 p.m. on the 11th, Arnault visited "Louis Vuitton Visionary Journey Seoul" at "The Reserve" in the main branch of the Shinsegae Department Store in Sogong-dong, Seoul. Opened in Dec. last year, it is the world's largest Louis Vuitton store, housing not only Louis Vuitton's fashion, watches and jewelry, and beauty boutiques, but also a restaurant, a cafe, a chocolate shop, and a gift shop.
That day, Arnault toured the store with senior brand executives, including Louis Vuitton chair and CEO Pietro Beccari and his daughter Delphine Arnault, CEO of Christian Dior. On site, key Shinsegae figures, including Park Ju-hyung, president and CEO of Shinsegae Department Store, accompanied the visit.
Arnault's visit had originally been scheduled for 11:30 a.m., but it was delayed about an hour as reporters and crowds gathered. As it was a department store off day, only Shinsegae and LVMH officials moved about inside, and a welcome message commemorating Arnault's visit was displayed on the electronic board in front of the store.
Arnault exchanged brief pleasantries with key figures and did not answer reporters' questions about his impressions of the visit. It is interpreted that Arnault's first trip to Korea in three years, since 2023, aims to strategically review the Korean market, which continues to grow amid a global luxury slowdown.
Louis Vuitton Korea's revenue last year reached 1.8543 trillion won, up 6% from a year earlier, marking an all-time high. Operating profit totaled 525.6 billion won, up 35% over the same period. That level exceeds both Chanel Korea (operating profit 336.0 billion won) and Hermès Korea (305.5 billion won), which lead the luxury industry by sales.
After Shinsegae's main branch, Arnault is also expected to visit Lotte Department Store's Sogong main branch, Shinsegae Gangnam branch, and the Cheongdam-dong Louis Vuitton flagship store. There is also speculation he will meet heads of retail groups. During his trip three years ago, he met with Shin Dong-bin, chair of Lotte Group, and Lee Boo-jin, president of Hotel Shilla.
Meanwhile, coinciding with Arnault's visit to Korea, Louis Vuitton decided to raise prices on the 12th. Items subject to increases are reported to include jewelry as well as bags and leather goods. Louis Vuitton raised prices on some products in Jan., Apr., and Nov. last year, and again in Apr. this year.