“If the past 40 years have been about laying the foundation for K-fashion, I am confident that the next 40 years will be a journey toward becoming one of the world’s top five fashion powerhouses.
Sung Rae Eun, president of the Korea Fashion Association and vice chairman of Youngone Holdings, said this at the Korea Fashion Association's 40th anniversary ceremony held at the FKI Tower in Yeouido, Seoul, on the 11th.
The Korea Fashion Association was established as a private organization in 1985, at a time when even the concept of fashion was unfamiliar, and marks its 40th anniversary this year. It currently has 400 member companies actively working, implementing corporate support policies to respond to industrial paradigm shifts such as global expansion, apparel manufacturing innovation, and the introduction of a digital ecosystem.
President Sung noted, “Today, the fashion industry plays a pivotal role in our economy with more than 194,000 enterprises and about 440,000 people employed, forming the second-largest market by size with an annual retail market of 84 trillion won.” Sung added, “The Korea Fashion Association has continued to meet challenges and create new opportunities in line with this trend.”
Sung continued, “The association has been dedicated to global outreach, activating the domestic fashion market, innovating apparel manufacturing, and protecting member companies' interests.” Sung emphasized, “If the past 40 years have been about laying the foundation for K-fashion, the next 40 years will be a journey toward becoming one of the world’s top five fashion powerhouses. I will cheer on all of you in the fashion industry to take the lead in the future.”
The event also featured the 'Global Fashion Forum,' which has been held 17 times since 2009 by the Korea Fashion Association to discuss the growth requirements of K-fashion brands and strategies for success in the global market.
The forum was conducted under the theme 'Now, it’s K-fashion’s turn.' Lee Jae-sang, CEO of HYBE, delivered the keynote speech, introducing HYBE's 'multi-home market' strategy for global market entry, emphasizing that “the global market is the sum of each local market” and that “becoming a true local player can create true globalization.”
Panel discussion leader Im Jung-min, general manager of Cignite, stated, “Korean fashion is no longer a follower but a global leader,” adding, “Everyone is trying to emulate Korean fashion. More effort is required to maintain its status over the next 40 years.”