Bernard Arnault, chairman and chief executive of luxury products group LVMH Moet Hennessy - Louis Vuitton S.E., is expected to meet with South Korean retail companies’ executives next week during his visit to the country for the company’s special exhibition in Seoul. His visit comes at a time when Korea’s newly-launched duty-free stores are in fierce competition to bring in the Louis Vuitton brand to their shops.

According to multiple sources from the retail industry on Thursday, Arnault will arrive in Seoul on June 7 and in the following day will attend the opening ceremony of an exhibition presented by Louis Vuitton at Dongdaemun Design Plaza in central Seoul. The exhibition, titled “Volez, Voguez, Voyagez - Louis Vuitton,” will display about 1,000 collections in 10 different themes to retrace more than 160 years of history and journey of the fashion house founded in 1854.

For the opening event, Arnault has invited a large number of high-profile executives from the local retail scene that includes department stores and duty-free shops. The chairman is also reported to hold separate meetings with major retail owners.

An unnamed official from the retail industry said that during the upcoming visit, Arnault is planning to meet Hotel Shilla Co. President Lee Boo-jin, Shinsegae Inc. President Chung Yoo-kyung, Lotte Group Chairman Shin Dong-bin and Hyundai Department Store Chairman Chung Ji-sun.

All these retail giants and hotel operator are intensely vying against each other to launch a Louis Vuitton shop at their newly-authorized duty free stores. Shinsegae, Shilla IPark, Doota, and Hyundai currently have a license to run tax-exempt stores in the country.

When Arnault was in town in April last year, he met with Lee from Hotel Shilla and Chung from Shinsegae.

The luxury brand has enjoyed solid growth in the Asia’s fourth largest economy. Although its popularity has faded somewhat compared to few years back, the company still saw its overall sales in Korea increase last year.

By Sohn Il-seon and Park Eun-jin

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]