Italian luxury brand Gucci gave up the throne to French fashion powerhouse Chanel in the South Korean used designer goods market as more customers are focusing on higher-end items rather than expanding their collections amid a slowdown in Asia’s fourth-largest economy.
Gucci ranked third in the list of the secondhand luxury goods transaction values in the first seven months of 2023, slipping from No. 1 a year earlier, according to South Korean luxury fashion e-commerce operator Trenbe Inc. on Tuesday.
Chanel topped the list for the January-July 2023 period, followed by Louis Vuitton, while Prada and Dior ranked No. 4 and No. 5, respectively.
“It became an overall trend to invest in expensive goods for the long term amid a sluggish economy and weak consumer sentiment,” said a Trenbe official.
Growing demand for “quiet luxury” goods with minimalistic and modern designs also hurt Gucci, which often showcases its logo on products, industry sources in Seoul said.
Write to Ji-Yoon Yang at yang@hankyung.com
Jongwoo Cheon edited this article.
