If the last 40 years have been a time to lay the foundation for K-fashion, I am confident that the next 40 years will be a journey to leap into a top 5 fashion powerhouse on the global stage.
Seong Rae-eun, president of the Korea Fashion Association (Youngone Holdings vice chair), remarked this during the 40th anniversary celebration of the Korea Fashion Association held at the FKI Tower in Yeouido, Seoul, on the 11th.
The Korea Fashion Association was established as a private entity in 1985, at a time when the concept of fashion was unfamiliar, and it marks its 49th anniversary this year. Currently, 400 corporations are active in promoting policies to support businesses in response to changes in the industry paradigm, such as global expansion, garment manufacturing innovation, and the introduction of a digital ecosystem.
Chairperson Seong noted, “Today, the fashion industry plays a pivotal role in our economy, employing approximately 440,000 people and representing about 194,000 enterprises, making it the second largest market with an annual retail market of 84 trillion won,” and added, “The Korea Fashion Association has continuously created new opportunities in line with this trend.”
He continued, “The Association has made efforts in various areas, including global support initiatives, revitalizing the domestic fashion market, garment manufacturing innovation, and protecting the rights of member corporations,” and stated, “If the last 40 years were a time to lay the foundation for K-fashion, the next 40 years will be a journey to leap into a true top 5 fashion powerhouse on the global stage. I will cheer for you, fashion professionals, who will be the main players of the future to stay strong.”
On this day, a ‘Global Fashion Forum’ was also held. The Global Fashion Forum is an event that the Korea Fashion Association has been hosting for the 17th time since 2009, discussing the growth requirements of K-fashion brands and successful strategies in the global market.
The forum was held under the theme ‘Now, it’s K-fashion’s turn.’ The keynote speaker, Lee Jae-sang, CEO of HYBE, introduced the ‘Second Home Market’ strategy, which is HYBE’s global market entry strategy, emphasizing, “The global market is the sum of each local market,” and added, “Becoming a true local player in a locality can create true globalization when combined.”
Im Jeong-min, CEO of Signate, who moderated the panel discussion, stated, “Korean fashion is no longer a follower but a global leader,” and said, “Everyone is trying to follow Korean fashion. More effort is needed to maintain this status over the next 40 years.”