Korea’s luxury market, FY2025 in 12 numbers

What the audited filings of 24 luxury subsidiaries in Korea add up to for FY2025 — revenue, profit, dividends and donations, taken from the statements themselves.

OUREON Research · Free preview

Every spring the Korean subsidiaries of the global luxury houses file audited accounts with DART, the regulator’s disclosure system. The filings are public, in Korean, and never assembled in English. We read the 24 that matter for FY2025 — the year ended 31 December 2025, or 31 March 2026 for Richemont, Burberry and Dolce & Gabbana — and these are the twelve numbers that describe the year. Won in billions; dollars at the 2025 average of 1,421.8 won.

  1. 01Combined revenue12,242KRW bn · +10.7% vs FY2024 · $8.6bn
  2. 02Operating profit1,742KRW bn · +19.0% · margin 14.2%, up from 13.2%
  3. 03Net income1,366KRW bn · +32.6% vs FY2024
  4. 04Dividends paid to parents1,048KRW bn · 77% of the year’s net income · $737m
  5. 05Charitable donations4.4KRW bn · 0.036% of revenue · 15 of 24 filers itemise a figure
  6. 06Largest filerRichemontKRW 2,230 bn, +24.2% · overtook Chanel (2,013 bn)
  7. 07Fastest growersAudemars Piguet, Bulgari4 entities grew 20% or more: Audemars Piguet +44%, Bulgari +37%, Rolex +25%, Richemont +24%
  8. 08Revenue in decline7entities: Givenchy −54%, Fendi −26%, Valentino −23%, Christian Dior Couture −18%, Dolce & Gabbana −7%, Ermenegildo Zegna −6%, Ferragamo −4%
  9. 09Operating losses4entities: Swatch Group (KRW −5.6 bn), Ermenegildo Zegna (KRW −0.2 bn), Dolce & Gabbana (KRW −11.8 bn), Givenchy (KRW −4.0 bn)
  10. 10Highest margin28.3%Louis Vuitton · operating margin on revenue of KRW 1,854 bn (entities above KRW 500 bn)
  11. 11Five-year growth16.3%revenue CAGR FY2020–FY2025 · constant sample of 20 entities · KRW 5,533 → 11,792 bn
  12. 12LVMH in Korea4,392KRW bn across 9 filing entities · 36% of the combined total

Korea’s luxury market kept growing through FY2025, and the profits grew faster than the sales. Across the 24 subsidiaries that file audited accounts, revenue rose +10.7% to KRW 12,242 bn and operating profit +19.0% to KRW 1,742 bn, lifting the combined operating margin to 14.2%. The growth was concentrated: Richemont, Louis Vuitton and Hermès added the most revenue in absolute terms, while Dior lost 18% of its sales. Watches and jewellery outran fashion — the 7 watch and jewellery entities grew +23.7%, the 16 fashion and leather-goods entities +3.4%, with Chanel counted separately. The parents took KRW 1,048 bn in dividends, 77% of the year’s net income, against KRW 4.4 bn of donations.

Where the growth came from

Change in revenue, FY2024 → FY2025, KRW bn

Richemont Korea: 1,795 → 2,230 bn (+24.2%)Richemont434Chanel Korea: 1,845 → 2,013 bn (+9.1%)Chanel168Hermès Korea: 964 → 1,125 bn (+16.7%)Hermès161Bulgari Korea: 419 → 574 bn (+37.0%)Bulgari155Louis Vuitton Korea: 1,748 → 1,854 bn (+6.1%)Louis Vuitton106Rolex Korea: 343 → 427 bn (+24.6%)Rolex84Prada Korea: 603 → 686 bn (+13.8%)Prada83Tiffany Korea: 378 → 450 bn (+19.2%)Tiffany72Audemars Piguet Korea: 79 → 114 bn (+43.7%)Audemars Piguet35Ferragamo Korea: 86 → 83 bn (−3.5%)Ferragamo−3.0Givenchy Korea: 10 → 5 bn (−53.6%)Givenchy−5.4Valentino Korea: 47 → 37 bn (−22.9%)Valentino−11Fendi Korea: 119 → 88 bn (−26.2%)Fendi−31Christian Dior Couture Korea: 945 → 774 bn (−18.1%)Christian Dior Couture−171Richemont Korea: 1,795 → 2,230 bn (+24.2%)Richemont434Chanel Korea: 1,845 → 2,013 bn (+9.1%)Chanel168Hermès Korea: 964 → 1,125 bn (+16.7%)Hermès161Bulgari Korea: 419 → 574 bn (+37.0%)Bulgari155Louis Vuitton Korea: 1,748 → 1,854 bn (+6.1%)Louis Vuitton106Rolex Korea: 343 → 427 bn (+24.6%)Rolex84Prada Korea: 603 → 686 bn (+13.8%)Prada83Tiffany Korea: 378 → 450 bn (+19.2%)Tiffany72Audemars Piguet Korea: 79 → 114 bn (+43.7%)Audemars Piguet35Ferragamo Korea: 86 → 83 bn (−3.5%)Ferragamo−3.0Givenchy Korea: 10 → 5 bn (−53.6%)Givenchy−5.4Valentino Korea: 47 → 37 bn (−22.9%)Valentino−11Fendi Korea: 119 → 88 bn (−26.2%)Fendi−31Christian Dior Couture Korea: 945 → 774 bn (−18.1%)Christian Dior Couture−171

Nine largest gains and five largest declines of the 24 entities; the remaining ten moved by less than KRW 25 bn each. Gold: revenue up. Blue: revenue down. Hover a bar for the two years’ figures.

Five years

Combined revenue of the 20 entities with filings back to FY2020, KRW bn

FY2020: KRW 5,533 bn5,533FY2020FY2021: KRW 7,660 bn (+38.5%)7,660FY2021FY2022: KRW 9,423 bn (+23.0%)9,423FY2022FY2023: KRW 9,808 bn (+4.1%)9,808FY2023FY2024: KRW 10,649 bn (+8.6%)10,649FY2024FY2025: KRW 11,792 bn (+10.7%)11,792FY2025FY2020: KRW 5,533 bn5,533FY2020FY2021: KRW 7,660 bn (+38.5%)7,660FY2021FY2022: KRW 9,423 bn (+23.0%)9,423FY2022FY2023: KRW 9,808 bn (+4.1%)9,808FY2023FY2024: KRW 10,649 bn (+8.6%)10,649FY2024FY2025: KRW 11,792 bn (+10.7%)11,792FY2025

Constant sample — the 4 entities that began filing after FY2020 (Celine, Audemars Piguet, Dolce & Gabbana, Givenchy) are left out so the years compare like with like. Growth was concentrated in FY2021 and FY2022; FY2023 was flat; FY2024 +8.6%; FY2025 +10.7%. Compound annual growth over the five years: 16.3%.

The league table

All 24 entities by FY2025 revenue. The full dataset adds operating profit, net income, margins, dividends, donations, auditor and the DART receipt number for each one.

# Entity Group Revenue, KRW bn YoY Period
1 Richemont*Cartier, Van Cleef & Arpels, IWC, Jaeger-LeCoultre, Panerai, Piaget, Vacheron Constantin, Montblanc and others Richemont 2,229.7 +24.2% FY to Mar 2026
2 ChanelChanel (fashion, watches & fine jewellery, fragrance & beauty) Chanel 2,012.6 +9.1% FY2025
3 Louis Vuitton LVMH 1,854.3 +6.1% FY2025
4 Hermès Hermès 1,125.1 +16.7% FY2025
5 Christian Dior CoutureDior (couture, leather goods, jewellery) LVMH 773.9 −18.1% FY2025
6 PradaPrada, Miu Miu Prada Group 686.3 +13.8% FY2025
7 Bulgari LVMH 574.1 +37.0% FY2025
8 TiffanyTiffany & Co. LVMH 450.4 +19.2% FY2025
9 RolexRolex, Tudor Rolex 426.9 +24.6% FY2025
10 Moncler Moncler Group 358.4 +4.1% FY2025
11 Swatch GroupOmega, Breguet, Blancpain, Longines, Tissot, Swatch and others Swatch Group 348.1 +6.0% FY2025
12 Celine LVMH 319.6 +5.4% FY2025
13 Burberry* Burberry 292.7 +4.7% FY to Mar 2026
14 LVMH Watch & JewelryTAG Heuer, Hublot, Zenith, Chaumet, Fred LVMH 170.7 +17.0% FY2025
15 Loro Piana LVMH 156.8 +16.9% FY2025
16 Audemars Piguet Audemars Piguet 113.7 +43.7% FY2025
17 Fendi LVMH 87.7 −26.2% FY2025
18 Ferragamo Ferragamo 82.8 −3.5% FY2025
19 Longchamp Longchamp 67.6 +2.9% FY2025
20 Valentino Valentino 36.6 −22.9% FY2025
21 Golden Goose Golden Goose 35.8 +2.0% FY2025
22 Ermenegildo ZegnaZegna Zegna Group 21.8 −6.2% FY2025
23 Dolce & Gabbana* Dolce & Gabbana 12.0 −7.1% FY to Mar 2026
24 Givenchy LVMH 4.6 −53.6% FY2025

Source: audited financial statements (separate) filed on DART, April–July 2026. Entity names shortened; the group column is the ultimate parent. Three entities close their books in March and are shown as the year to March 2026 (marked *).

The full dataset

Korea Luxury Market Financials FY2025

A 15-page PDF report and an Excel workbook: revenue, operating profit, net income, margins, dividends paid, donations, auditor and DART receipt number for all 24 entities, FY2025 against FY2024, with a five-year history where the filings exist. Every figure traced to its filing.

Publishes 6 October 2026 · USD 290 single year · USD 490 five-year · USD 990 team licence

See the dataset

Method

Every figure is taken from the entity’s audit report (감사보고서) as filed on DART, separate financial statements, in Korean won as filed. Operating profit and net income are the lines reported by the entity; dividends are the cash dividends paid in the year as shown in the cash-flow statement or the statement of changes in equity; donations are the 기부금 line where the entity itemises one, and nine entities do not. Fiscal years differ: most end in December, and Richemont, Burberry and Dolce & Gabbana end in March, so FY2025 means the year to 31 December 2025 or 31 March 2026. Aggregates cover the 24 entities listed above; LVMH Fashion Group Trading Korea last filed for FY2023 and is excluded, and the Kering brands (Gucci, Bottega Veneta, Saint Laurent, Balenciaga) file no audited statements in Korea. Dollar figures use the 2025 average rate of 1,421.8 won.

Free to quote with attribution: OUREON Research, “Korea’s luxury market, FY2025 in 12 numbers”, oureon.co.kr, 2026. Corrections and questions: hello@oureon.co.kr.