Givenchy, LVMH's French luxury house, pulled out of all but one store in Korea

Givenchy, the French luxury fashion house founded in 1952 and owned by LVMH since 1988, began a full-scale withdrawal from the South Korean market in mid-2025. The brand closed most of its department store locations across the country, leaving only one retail store remaining. Givenchy Korea recorded a restructuring provision of approximately ₩1.2 billion (about 12억 won) as it entered the wind-down phase.

The withdrawal was attributed to a global economic slowdown, a contraction in luxury consumption, and Givenchy Korea's failure to achieve significant performance in the local market. Korean consumers had not embraced the brand's recent creative direction as strongly as LVMH had hoped, and luxury spending across the board was declining as economic uncertainty rose.

The decision affected Givenchy's store network at major department stores run by Lotte, Shinsegae, and Hyundai. Staff were laid off or reassigned. The brand's exit was part of a broader pattern of luxury brand recalibration in Korea, where once-hot European luxury houses found themselves competing with not only each other but also with rapidly rising Korean luxury brands and a shifting consumer preference for niche, experiential luxury over status-label goods.