BTS's V (Kim Taehyung) impacts CELINE's 591% uplift in operating profit in 2023
According to Korea JoongAng Daily, the four most popular luxury brands in Korea — Hermès, Chanel, Louis Vuitton, and Dior — saw a decline in operating profit in 2023. However, CELINE saw a whopping 591 percent increase, thanks to its growing presence in the Korean market after appointing Kim Taehyung, aka V of BTS, as one of their brand ambassadors.
CELINE Korea’s operating profit rose to 17 billion won ($12.4 million) in 2023 from 2.5 billion won the previous year, while revenue increased sixfold to reach 307.2 billion won last year, up 513.2 percent from 50.1 billion won in 2022. In contrast, the total operating profit for the four brands (Hermès, Chanel, Louis Vuitton, and Dior) last year was 1.1 trillion won, down 19 percent from the previous year.
A source at a local importer of luxury designer brands said, “CELINE items are increasingly popular among the younger demographic, with most customers in their 20s and 30s. The trend is so strong that even customers in their 50s, 60s, and 70s are following suit.”
She further stated that influencers and K-pop stars frequently showcase these products, giving the brand a trendy image. This has made the Celine store one of the busiest in Korea these days.
In 2023, Taehyung became CELINE’s newest global ambassador, and his various activities with the brand have been garnering huge buzz. Within his first year, he has become their best-performing ambassador, according to Lefty, an influencer marketing platform for leading brands.
In just 10 months, from March to December 2023, Taehyung generated $274 million in earned media value (EMV) for CELINE, the most the brand has ever received in a single year from any of their ambassadors.
Additionally, Taehyung was also ranked by Lefty, as the #1 male fashion influencer of the year and the third overall, despite his absence from fashion week and any major fashion event in 2023.
Taehyung’s activities with the brand has continued even after his mandatory military service began. CELINE ran a billboard ad campaign in major cities in China and South Korea from December 2023 to January 2024.
Taehyung also graced Harper’s BAZAAR Korea’s February 2024 issue as their cover star and had a special Valentine’s Day photoshoot for W Korea released on February 14. Both were prepared prior to his enlistment.
