[Asia Economy Reporter Yujin Cho] Domestic fashion companies, experiencing the worst recession ever due to the novel coronavirus infection (COVID-19), have launched massive discount offensives one after another to mark the biggest sales season of the year.
According to the related industry on the 19th, LF is holding a 'Premium Brand Week' on its own mall, LF Mall, until the 29th. They selected 25 brands each week, including Jil Stuart New York, Max Mara, Isabel Marant, and Champion, offering a 7% plus discount coupon and selling selected popular products at special prices. Until the 30th, they are also holding the 'Cole Haan Black Friday' event, selling a total of about 400 shoe items at discounted prices ranging from a minimum of 35% to a maximum of 70% off.
Kolon Industries FnC Division (hereafter Kolon FnC) is holding an online discount event through its own mall, offering up to 58% price discounts by brand. Contemporary shoe brand Suecomma Bonnie is running an event until the 13th of next month, providing a 15% discount coupon for first-time online mall purchases. Popular sneakers and dress shoes, as well as long boots, essential winter items, are included in the discount targets. The traditional men's suit brand Cambridge Members is offering up to 58% discounts on items such as coats, jackets, and knit pants until the 29th. Additionally, an event is held to provide extra coupons when purchasing these items within the special exhibition.
Earlier, outdoor brand K2 is running an event offering a 15% discount on purchases of new fall/winter products and regular-priced items. The event has been held simultaneously online and offline from the 29th of last month until the 22nd of this month. E-Land World’s women's manufacturing and distribution integrated (SPA) brand MISSO is holding the 'MISSO Black Outer Festival' targeting Black Friday from the 20th to the 22nd. It is held simultaneously in online and offline stores, offering discounts of up to 75% on a total of 555 styles of women's outerwear, including new products. As an online mall exclusive promotion, various additional benefits such as daily first-come-first-served half-price coupons and 50% overlapping discounts are also prepared until the 22nd.
Adidas is also conducting the 'Three Stripes Week' for about three weeks from today until the 6th of next month, providing practical purchase benefits for the year-end shopping season. An Adidas official explained, "Targeting Black Friday, one of the biggest shopping seasons of the year, we have prepared abundant practical shopping benefits for consumers both online and offline stores, including discounts on popular products, bounce-back coupon issuance, point accumulation, and Showtime in the form of time deals."
November is a period when global-scale discount events such as China's Singles' Day and the US Black Friday take place consecutively, reaching the peak of consumer sentiment. Although December, the year-end, is traditionally recognized as the peak season, this year, due to the impact of COVID-19, contactless consumption has increased and the population enjoying overseas direct purchases has grown, resulting in various events concentrated in November, when overseas discount events are held. A fashion industry insider said, "November to December is the month with the highest monthly sales of the year. Fashion companies, which have experienced a recession due to COVID-19, will focus their efforts on revitalizing consumer sentiment by preparing various events and promotions to clear inventory and boost sales."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
