Condé Nast International Luxury Conference travels to South Korea for 2016

As Condé Nast International Luxury Conference comes to a close in Florence, Italy this week, attendees and speakers anxiously wait for the 2016’s event in Seoul, South Korea.

This year’s event brought together more than 500 individuals from 36 different countries to discuss the luxury industry. The location change to South Korea will allow guests to witness one of Asia’s largest luxury markets.

Traveling the world
In April 2016 the conference will be held under the patronage of Park Won Soon, the Mayor of Seoul.

In a branded statement Suzy Menkes, International Vogue Editor and curator of the conference said, “Home to a young,tech-savvy population, and one of Asia’s largest luxury markets, it is the perfect time to hold the world’s first international luxury conference in Seoul.”

According to a new report from L2, brands should tailor marketing strategies to use local Web sites, culture and platforms to appeal to consumers in Japan and South Korea.

Michael Kors' Korean site

Stable luxury markets and technically savvy populations make the two countries ideal for mobile marketing and ecommerce. An increase in Chinese tourists looking to purchase luxury goods while abroad makes it even more important for brands to focus their attentions on Japan and South Korea (see story).

Also, according to a report by Borderfree, South Korea poses an opportunity for retail ecommerce due to its tech-savvy, brand aware citizens.

Borderfree gave South Korea four out of five carts in its Index, giving it a “desirable market” status. With consumers in the country willing to spend cross-border to avoid import price hikes, there is an opening for U.S. brands and retailers in this Asian market (see story).