Galleria Department Store’s Annual Sales Hit 1 Trillion Won Mark

Sales at the 31-year-old South Korean retailer’s luxury outpost in Seoul’s Apgujeong neighbourhood reached 1 trillion won (around $844 million) for the first time, The Korea Times reports.

Galleria, which was South Korea’s first luxury goods retailer and helped Louis Vuitton and Hermès open their first local boutiques, shifted its focus to luxury goods over the pandemic. By the end of November, its sales had grown 31 percent year-on-year, with revenues from luxury goods generally up 49 percent, and luxury jewellery and watches up 67 percent.

Sales from VIP customers, which make up more than 40 percent of Galleria’s luxury goods sales, were up 49 percent from 2020. The company attributes this growth partially to the introduction of arts and lifestyle experiences, including art sales, to its outpost.