【South Korea】Bulgari Achieves Record Sales in South Korea Following Chanel, as Luxury Jewelry Boom Intensifies

The luxury jewelry boom is intensifying in South Korea, with Bulgari following Chanel to achieve its best-ever results in the domestic market. Analysts attribute the sales surge to recent consecutive price increases that have stimulated high-end consumer psychology.
According to Bulgari Korea’s audit report released on the 7th, the company recorded sales of 574.06 billion won and operating profit of 108.97 billion won last year. This represents a 37% increase in sales and a 69.6% increase in operating profit compared to the previous year, both setting new all-time highs.

Bulgari has experienced rapid growth in South Korea in recent years. From approximately 272.2 billion won in 2021, Bulgari Korea’s sales rose to over 574.1 billion won last year, more than doubling in five years.

Bulgari has decided to raise prices on some products by approximately 10% on the 20th. This follows three price increases last year alone: an average 8% hike on watch items in April, a 7-10% increase on jewelry and other products in June, and additional price adjustments in November.

Analysts suggest that the company continues to raise prices because demand has not significantly declined despite the increases.
Chanel’s situation is similar. Chanel recorded sales of 2.013 trillion won in South Korea last year. The brand raised prices on beauty products on the 1st and increased the price of the “Chanel 25” handbag by about 3% on the 2nd, pushing the small size price to 10.42 million won.

The luxury jewelry market in South Korea continues to show robust growth, with major brands leveraging price adjustments to maintain exclusivity and drive revenue.