Korean economic recession, triggered public concerns about stagflation and rising prices, while South Korea's domestic clothing market has set off a fierce price war, apparel commodity prices dropping lower and lower.
Korean fashion industry insiders pointed out that, recently, the global SPA brand Uniqlo, Zara, H & M have lower commodity prices account for a growing share of the price offensive in the downturn in the Korean apparel market. These brands to attract consumers to price advantage, the occupation of Myeongdong and Gangnam area and other major business circles, but also into the major department stores and shopping centers, expanding the market. In this context, the South Korean national SPA brand and the garment enterprises of the major to be outdone, have to fight back, the fierce competition with foreign brands.
YIU HING FASHION is a company specialized in garment business - we sell stock garments & we accept OEM orders. Today as the labor cost and materials costs keep rising in China, we need to find new and creative ways of being competitive in today's market and to meet the challenges of our customers, as more and more customers are looking for garment in stock we started to focus on the business in 2008, supplying all kinds of stock garment(underwear stock,branded garment stock) and accessories to our customers in America and Europe and other areas in the world, due to our long time experiences in the business we have abundant resources to provide enough options for customers and can deliver quickly, of course with very attractive prices.
The first types of clothing to join the price war is the other type of outdoor clothing, casual wear and men's clothing followed. Increasingly blurred the dividing line of outdoor apparel and casual clothing, and other types of clothing on the clothing market in South Korea, the institutions of the garment industry is changing. The first half of this year alone, there are more than 50 apparel brands plan to market.
Sae a relay by exports experienced recently the group's casual wear brand Maypole commodity price cuts up to 50%; the LG Fashion's men's brand Towngent and the acquisition of the New World International brand Tomboy from the spring of this year, down commodity prices .
Brand the Maypole develop a pricing strategy called "Smart Price", in February in the stores listed pullovers, zipper sweater, Polo shirts, T-shirt, jacket, windbreaker, denim shorts and other commodity price cut of 30 ~ 50%. LG Fashion's the brand Towngent in the spring of this year the implementation of the "Happy Price" strategy, suits and jackets and other commodity price cut of about 30%.
The women's casual brand Tomboy this spring Clean smart price "strategy, jackets, sweaters, blouses and other commodity price cut of 15 to 20 percent. Comodo. Square, men's brand children's clothing brand Tomkids and other brands have also joined the price war.
Cheil Industries has introduced 8 Seconds, Korea SPA brand, the group of men and women coat, dress, men's sweaters and T-shirts and other commodity prices to be adjusted, and strive to maintain a similar standard of SPA and Zara, H & M's global brand. The Shinwon its men's brand Siegfahrenheit adjustment of commodity prices, the specific adjustment programs planned for this spring is still under discussion.
Although the major clothing companies have joined the price war, the Korean apparel market development is still sluggish. International crude oil prices led to rising material costs; China and overseas countries such as sewing factory labor costs rise, these are the impact factors of the Korean Garment Industry Development. Although the price war between the various brands to attract consumers to a certain extent, driven by consumption, but from long-term point of view, is bound to bring heavy losses to the enterprise.