Gov’t to spend W30b to boost fashion, lifestyle industries

[THE INVESTOR] The South Korean government will nurture premium fashion and lifestyle brands spending 30 billion won next year, the Ministry of Trade, Industry and Energy announced on July 28.

As part of an effort to boost exports of consumption goods, it will double the R&D budget and support the whole process, from design to marketing for export, for seven categories: furniture, bags, kitchenware, stationery, sports and leisure, eyeglasses and watches. 

To raise added value to fashion and apparel, the government will help young designers set up their own businesses and choose 200 promising designers and help them grow their international business by 2020.

It will also promote new distribution platforms, with plans to assist 300 brands in showcasing their products at overseas online malls.

Technology will be incorporated in bags, for example, by adding location tracking device to a bag made of an innovational material, the ministry suggested.

“Based on our strength in technology and the popularity of Korean culture, we expect Korean fashion, apparel and lifestyle industries to grow to provide a momentum for exports,” said Vice Minister Lee Kwan-sup.

By Hwang You-mee (glamazon@heraldcorp.com)