Hermes Korea said Friday that its net profit rose 22.7 per cent in 2022 from a year earlier amid an ongoing trend of high-end fashion brands continuing their profit streak in South Korea.

The South Korean arm of the French high-end fashion house reported a net income of 153.8 billion won (US$118.2 million) in 2022, compared with 125. 3 billion won in 2021, according to its regulatory filing.

Operating profit rose 23.5 per cent to 210.5 billion won. Sales were up 23.3 per cent to 650.2 billion won.

Luxury fashion brands have racked in profits in 2022 in Asia’s fourth-largest economy, which has rose to become one of the biggest spenders on personal luxury goods.

According to Morgan Stanley, the nation’s per capita spending amounted to $325. This far exceeds the $55 and $280 per capita spending by Chinese and Americans, respectively.

This story was originally published by Yonhap, via Korea Bizwire.