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South Korea luxury sales weaken

Luxury retailers have seen their South Korea sales decline amidst sluggish demand.

Italian brand Fendi posted a net profit drop of 77 per cent to 269.34 million won ($266,277) in fiscal 2013.

Another Italian brand, Ferragamo, said net profit in the year to December 31 declined 43.5 per cent to 8.08 billion won ($8 million) due to a rise in sales management costs.

Gucci reported full-year sales decreased 5.2 per cent to 252.5 billion won ($249.6 million).

Burberry and Prada bucked the trend by seeing 4.5 per cent and 9.9 per cent sales increases, respectively.

Market watchers blamed the weaker sales on South Koreans’ overseas online shopping trend.

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