Sunglasses in South Korea

PROSPECTS

Sunglasses develop as a daily, fashionable item

Sunglasses develop in diverse forms and, in 2018 and 2019, tinted sunglasses were popular as a daily fashion items. Sunglasses with 50% and above tint are a commonly used type of lens that is barely transparent and normally used for outdoor protection.

Domestic retailing of sunglasses heavily affected by duty free

The major retail channels for sunglasses are department stores and optical stores. However, as the travel industry grows, the duty-free channel is affecting sunglasses sold in the domestic market.

Increasing leisure time opens up more opportunities for sunglasses

The South Korean government has reduced employees’ permitted number of weekly working hours. As consumers are thus enjoying more leisure time, it is likely that spending time on sporting and outdoor activities will increase.

COMPETITIVE LANDSCAPE

iicombined Co Ltd leads sunglasses in 2018

Although global manufacturers such as Luxottica might offer a wider range of brands, iicombined Co Ltd managed to maintain its lead in sunglasses in 2018. The company’s brand, Gentle Monster, has become a global giant brand in sunglasses.

International brands facing risks in the local market

Global sunglasses manufacturers like Luxottica and Vision Service Plan Global rank in the top three manufacturers in South Korea. However, there is a parallel import issue.

Share of “others” offers growth potential

International brand owners with disappointing revenue figures are withdrawing from South Korea. Local distributors are enjoying the benefits of this by acquiring the distribution rights from the subsidiaries of global companies that are leaving the country.

Files are delivered directly into your account within a few minutes of purchase.