Taken from hyunniespexers
Source : Korea Times
Source : Korea Times
By Eric Shih
Singer and actor Kim Hyun-joong poses in the Hang Ten brand clothes in this photo posted on the firm’s Facebook page. Hang Ten has signed up hallyu stars to improve the brand recognition.
/ Courtesy of Hang Ten
The fashion industry is one of the most competitive in Korea. When it started out in the late 1970’s, the Korean fashion industry was dominated by little-known local brands offering basic clothing lines at low prices.
Fast forward 40 years, the Korean fashion industry is now highly globalized but also highly fragmented. Established brands often have to compete side by side with up and coming domestic brands in a variety of segments that range from luxury market to mass market, and both are facing threats from well recognized global brands from Europe and North America that are starting to take root in Korea.
This year, the domestic fashion market is estimated to reach 28 trillion won with an annual growth rate expected to hover around 4 to 5 percent. While the industry bounced back successfully from the recent economic downturn, operating conditions nevertheless remain a major challenge.
Today, many fashion companies are still focusing on staying “alive” and suffering from the aftershocks of the recession which saw about 20 small and medium-sized companies go out of business between 2008 and 2009. Amid these tough times, Hang Ten is a company that has beaten the odds and thrived.
