How Korea Became a Global Culture Engine, with Dominika Kustosz-Lee

That's great, Dominika.

Yeah, I mean, one of the things that stands out listening to you talk is that Korea, in some ways, is this, I think, like a lot of Asia, is able to hold two things at once, both the strong connection to history and legacy and art and culture while at the same time being exceptionally progressive in terms of technology, right? So what a great place for you to bring those things together.

So

yeah, I was there for 17 years starting in 2008.

So I really also did see kind of the shift from still very kind of raw edgy Korea, old school Korea to what it is right now.

You know, like

the

place to go.

Yeah.

So, yeah, maybe just using that as a segue to, I think, our first big talking point.

And that is, you know, maybe you could give us a little bit of insight as to why Korea is so important in the luxury and it punches above its weight in terms of cultural influence around Asia and now globally as well.

But yeah, maybe give us a bit of context of what you've experienced there and why it's so valuable and important in this space.

So I'm, you know, kind of a few numbers to kind of put it into perspective.

I think we all remember that Morgan Stanley report from, I think that was 2022, 2023, where Koreans were quoted as the The highest spenders per capita on luxury, I think it was $325 versus $55 in China, $280 in the U.S. It's way ahead.

And, of course, that has changed since.

You know, Korea is not immune to what's happening in the world.

But I think it just really shows how important... luxury is in the lives of Koreans.

Of course, it's a collective society and signaling is very important.

So that's one thing.

I always like to say that Korea right now, and that's what I meant when I saw the really edgy kind of Korea, very flowery dresses, you know, older women.

Now it's basically Breaking Bad season four.

Everyone is wearing beige.

So It's, you know, it's also kind of part of the vibe.

And I think when you have half of the population living in one city being extremely well connected and in general, well educated as country, but also bombarded by racism.

information all the time and you kind of grow as a consumer very fast and become very aware, you're also able to understand, you know, the really even softest signals in luxury.