Korea’s fashion market in 2014 was estimated to be worth GBP 33.8bn and has been growing at a rate of 5.6%. E-commerce and m-commerce have been major drivers in the growth of the market with the scope of online shopping exceeded that of offline shopping for the first time in 2013. The country’s SPA fashion segment is experiencing strong growth and is expected to grow 30% over the next several years. With a wide range of foreign fashion players in the market, Korea’s fashion market is recognized as a test market for global brands that aim to enter other Asian markets, including China.
Impact of the EU-Korea FTA
Implemented in July 2011, the EU-Korea FTA will lead to the removal of 97% of all tariffs for UK exporters. The FTA contains provisions on services, public procurement, intellectual property (IP) and sustainable development as well as the liberalization of goods tariffs. The FTA has ushered in enhanced protection for IP rights and improved copyright regulations.