Asian brands are dominating the fashion industry. Fashion brands from China, South Korea, and Japan are attracting more customers and garnering higher sales than their western counterparts.
Fashion experts have noted that Asians used to think luxury items can only be found in the Western market. Studies have found that Asian consumers, especially the young, are among the world's biggest spenders when it comes to high-end fashion. However, young people in Asia have started to appreciate local designers.
Joowon Park, the director of Simone Fashion Company based in Seoul, explained that the stereotype about Asian labels is slowly declining with the promotion of local branding.
Every year, several fashion shows are staged in Shanghai, Tokyo, and Seoul to showcase a variety of locally manufactured clothes. Some of the brands have even managed to reach a global market and have been featured in fashion shows in Milan and Paris.
International luxury brands such a Tods', Bottega Veneta, and Prada are reportedly experiencing a decline in sales due to the rise of Asian labels. Fashion experts say that people have noted that buyers seem to be focusing more on the design of an item rather than it's quality.
Some of the fastest income-generating Asian brands include Chinese labels' Comme Moi and Ms Min. These are the most sought-after brands at the famous Lane Crawford Department Store. The store also sells the Korean label Woo Young Mi.
According to its Chairman Andrew Keith, the department store has expanded its pool of Chinese brands to more than 30 in just a span of four years. He revealed that about 20 percent of the China-made branded clothes bought online are shipped to the international market.
Other Asian top-selling brands are Japanese labels, Tsumori Chisato, and Sacai.