Luxury Brands Defy Global Slowdown: Cartier and Bottega Veneta Raise Prices in Korea

Luxury brands Cartier and Bottega Veneta are increasing prices in South Korea by 5% to 10%, defying a global slowdown in the luxury market. This price hike comes as demand remains strong among affluent consumers, with Cartier's jewelry and watches seeing notable increases. For instance, the popular Love Ring has risen to 1.9 million won ($1,420), reflecting a 6.1% increase. Analysts suggest that luxury brands are focusing on Asian markets like Korea to offset declines in major Western markets. This strategy highlights the resilience of high-net-worth consumers amid economic uncertainties. 

 

Source: Koreajoongangdaily