February 27 might be the day Korea's young and fashion-savvy have long-awaited - Swedish fast fashion brand H&M (Hennes & Mauritz) has finally launched in Seoul.
Lee Hye-ran, a 28-year-old English teacher, is one of those who has been waiting.
"I'm really excited - I can't wait to check out the new Sonia Rykiel for H&M collection," Lee told The Korea Herald. She added that she is glad that she can shop for the brand like she did in the United Kingdom, where she studied for a year back in college.
The brand will open its flagship store in the heart of Seoul's fashion mecca, Myeongdong's Noon Square, where Zara already operates a store.
The launch of the brand comes rather late, considering the already active and competitive local fast fashion or SPA (specialty store of private label apparel) market. In fact, its biggest Spanish competitor Zara was introduced here in 2008.
Industry insiders say that unlike Zara or Uniqlo, which made rather smooth entries into the country by partnering with local Lotte Shopping Co., the launch of H&M was delayed because the brand chose to do so independently.
The thriving apparel maker operates more than 2,000 stores in some 35 countries, with their more than 100 designers providing fresh designs everyday. The turnover rates for its products are said to be the shortest of their kind.
"We have high expectations for the Korean market which has a very high demand and sophisticated taste regarding fashion. We will actively appeal to the Korean consumers with our management ideology of providing fashion and quality for the best price," said Hans Andersson, the head of H&M Korea office.
H&M today starts selling its Sonia Rykiel for H&M collection, where the acclaimed French knitwear designer presented her usual colourful and striped knitwear lines, alongside its original spring collections.
H&M expects the collection to be popular among Koreans since its previous underwear collection with the French knitwear designer for last year's winter holiday season received wild responses around the world.
Represented by Zara, H&M, Uniqlo and Mango, fast fashion makers usually take charge of everything from production to distribution of their products, thus able to increase the speed of product circulation while reducing the overall cost.
The fast fashion market in Korea has been growing rapidly in the past few years, just as in other countries.
The phenomenon can be explained as the industry's solution to ever-changing consumer tastes by producing low-priced, trendy apparel.
Consumers in turn have taken this up because fast fashion is very affordable, even though the mediocre quality does not ensure they will last more than a season.
The optimistic side of the launch of H&M here is that it naturally provides local consumers with more diversity and the possibility to expand the local SPA fashion market.
"As a consumer, it is always nice to have various products to compare quality and prices with. So I think more brands mean more and better choices for consumers," Lee said.
Also, despite its delayed introduction, many say H&M still has a shot at doing well in Korea.
The brand is hugely popular among young consumers around the world for their frequent collaborations with high-end designers and celebrities. The list includes Comme Des Garcons, Roberto Cavalli, Stella McCartney, Kate Moss and Madonna, to name a few.
By doing so, H&M has been making diverse garments from such makers, which tend to go way over younger people's budgets, available for ordinary people. Although naturally loved by many, these collections sell out due to their limited quantity. People lining up outside an H&M store are commonly seen abroad when such collections are released.
However, there is also a negative outlook.
Despite the warm welcome from Korean consumers, H&M will inevitably have to face fierce competition with already-present fast fashion brands, especially in Myeongdong where such stores are concentrated.
With H&M on board, a total of seven of such brands - including local SPAO, Zara, Forever 21 and Uniqlo - will be competing in the area.
On top of those brands, the local newcomer MIXXO is ambitiously planning its launch in Myeongdong in May. It is a brand by Eland Group which has successfully joined the fast fashion market by introducing SPAO last November.
"Whereas SPAO was a counterpart for Uniqlo which was more casual wear-focused, MIXXO is targeted to compete with Zara, H&M and Forever 21 which present more women's clothing, underwear and accessories," an Eland official told The Korea Herald.
Following its Myeongdong store, the brand plans on establishing six more stores at shopping malls in Seoul's core commercial districts and also intends to make entry to the Chinese market in the near future.
Ultimately, MIXXO aims to become one of troika SPA brands with Zara and H&M in the country by offering diverse styles that better-suit Korean women's body shapes and tastes at lower prices, the Eland official added.
The biggest advantage MIXXO holds against its foreign competitors is its price.
Average prices for MIXXO's products will be ranging from 49,000 won to 69,000 won for a jacket or a dress. It is around 40 per cent and 20 per cent cheaper than ZARA and H&M, respectively, for similar items, according to the Eland official.
Until now, foreign fast fashion brands have been getting complaints from Korean consumers as prices for items far more expensive here than in other countries.
The makers have been explaining that this is inevitable because of the strong euro and dollar, and have not been able to present a plausible answer for their gradual rise in prices year by year.
Some dissatisfied consumers have said they would not pay more for the same products when they can get them at lower prices in the United States or in Europe.
"Fast fashion brands are meant to be cheap and trendy. If they are not cheap, then I think they no longer have a relative advantage over more high-end brands anymore," said Kim Hee-sook, a 25-year-old university student.
Kim added that in consideration of their quality, prices of such foreign fast fashion brand clothing here have gone too high.
"I wouldn't pay that much money for clothes from such brands here because they tend to lack in quality and durability than more high-end brands. I would rather pay more and get decent clothes from latter makers," she said.
It needs yet to be seen how consumers will respond to the dynamics of the local fast fashion market after two new brands - H&M and MIXXO - have emerged.
