It's baby's first taste of luxury! North Korea's dictatorial communist regime has recently loosened its restraints on certain categories of foreign imports: namely, luxury goods. North Korea has just opened its first 'luxury store' in the capital city of Pyongyang last week, carrying brands such as Chanel and Dolce & Gabbana, giving North Koreans their first taste of access to the rapidly expanding luxury consumer market. Despite the widely poverty-stricken population, elite members of the Communist Party and close friends of leader Kim Jong-il are reportedly big-spenders at luxury stores and hotels in nearby China. With the luxury sector in China booming at a rate far faster than the rest of the world, companies such as LVMH and the Gucci Group will surely see this new luxury store in North Korea as an interesting new emerging market. Can't wait to see what happens next!
3 comments:
I wonder on how many citizens can actually afford those? I think only the families in the ruling party.
If there will be few people who can afford these luxuries in Northern Korea, I wonder how long they can stay in business. I hope this will change soon.
rawi warin resort & spa
I've spent the last day researching North Korea, YouTube, The net, (this great article too) anywhere I could get the information that is never on the mainstream media, and was quite surprised, Pyongyang is actually quite a grand city, great architecture, Italian Restaurants, Luxury Stores, Markets, Expensive Cars, ok mostly only available to the elite, but if this country was to open up more, it has so much potential, vast resources of iron and coal, I just wish both sides would grow up China really needs to do more.
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