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Luxury brands have seen a substantial growth in sales in South Korea over the past year, according to a new report.
Ten major companies have seen their sales increase by 190 per cent over a five-year period, from KRW 648.9 billion ($572.8 million) in 2006 to KRW 1.85 trillion ($1.6 billion) in sales in 2011, according to analyst Chaebul.com, via the Korean Herald.
Net profits also soared during this period, up more than 300 per cent.
Prada is now ranked number three in Korea, having seen a nine-fold increase in its sales, while LVMH is the top player in the Asian country on the back of 300 per cent growth, ahead of PPR subsidiary Gucci which has doubled its takings.
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