Korea is a flourishing market for global luxury brands. For the past five years, the country has seen the highest rate of luxury market growth among OECD countries. It ranks fourth in OECD for luxury spending as parentage of per-capita GDP, but first for growth rate, which is the second highest in the world after India. Its luxury market is valued the eighth largest in the world at 13 trillion won, compared with its GDP, the 11th largest in the world according to World Bank.

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