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European Delegation KIDS visits FKCCI to seek business opportunities in the Korean market

European Delegation KIDs visits FKCCI to seek business opportunities in the Korean market

In 2023, South Korea recorded its lowest birth rate, which plummeted from 1.24 in 2015 to 0.78, resulting in parents focusing more on their only child's well-being and providing them with the best possible upbringing. This has led to an increase in demand for children's products, particularly in the clothing industry, which has grown by 31% in the past three years, growing from USD 682 million in 2020 to USD 898 million in 2022. 

Recognizing the potential of the Korean market, a European delegation KIDS comprising representatives from various children's product sectors including clothing, shoes, toys, and furniture, set off in search of new opportunities and sought guidance from the French-Korean Chamber of Commerce and Industry to venture into the Korean market as a gateway to Asia. 

During the visit, Ms. Sonia Chaieb, Deputy CEO of FKCCI, started the session with a glimpse into the thriving Korean economy, the 13th largest economy in the world with a GDP of $24,785 million and the 8th leading export country worldwide, and highlighted the characteristics and the unique cultural aspects of the Korean market and how businesses could adapt to them, which are essential to expanding a business. She inspired the delegation to explore the vast opportunities that South Korea offers and presented the different services the Chamber could offer companies throughout the entire process of business expansion from the market studies, creation of local entities to business development in the local market as a trusted local partner for companies.  

The delegation had the amazing opportunity to explore the business center, where 43 global companies are hosted. During the networking lunch animated by FKCCI's member and its long-time partner, France Gourmet's catering service, they engaged in an exchange of practical advice and experiences on entering the Korean market with companies that had already established themselves in the market through FKCCI's Business Center.  

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One of the members of business center, Ms. Alexia  Boury from Laboratoire science & Nature shared her insights on various aspects when it comes to doing business in Korea, including turnover, communication with local distributors, marketing strategies, and different types of local distribution channels both online and offline, among which the growing popularity of pop-up stores in Korea caught everyone's attention. Mr. Guillaume Multeau, an associate from Latitude37 Co. provided a snapshot of Korea's trends in the industry, addressing different topics such as sales structure options, price positioning challenges, and how to tackle the online market. 

Whether companies already entered the market and want to develop their partnerships in search of new distribution channels or want to take their first step into the market, the visit was constructive and informative, providing the delegation with strategies to adapt their business to the market. 

Some members of the delegation shared their impressions of the day with us. Heidi Svane Pedersen, the Head of Digital and Lifestyle Lab Cph of Lifestyle & Design Cluster, said, “Given our limited schedule of three days, we really valued those brand presentations, particularly the ones that shared a specific experience as they were easy to relate to and provided a clear understanding of the market landscape. Today’s session was engaging, covering a broad spectrum of topics from cultural aspects to finer details, so we’re genuinely satisfied and grateful for this opportunity.” 

“Today was interesting, giving us a comprehensive view of all the possibilities in Korea. We got to know the strengths of the country as well as the limitations of our products within the unique context of Korean culture, which is wholly different from our own. It also helped us identify leads to follow or not and a chance to compare pricing strategies with those in Europe, accounting for distribution channels’ commissions in the market, which will be instrumental moving forward,” said Valérie Soulard-Brin, Owner and International Director of Gautier France, a French furniture manufacturer. 

Participants acknowledged Korea’s openness and its strategic potential as a gateway to Asia, despite the complexity of the market. Overall, they appreciated the opportunity to engage with the market's dynamics and see it as a positive step forward. 

We would like to express our gratitude to CGHP Beespoke Consulting for organizing the visit and placing their trust in FKCCI!

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