• Management & Information Systems Review
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• v.36 no.4
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• pp.21-32
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• 2017

Motivated by the recent cases of negligent social responsibility as manifested by foreign luxury fashion brands in Korea, this study investigates whether agency costs depend on the sustainability of different types of corporate governance. Agency costs refer either to vertical costs arising from the relationship between stockholders and managers, or to horizontal costs associated with the potential conflicts between majority and minority stockholders. The firms with luxury fashion brand could spend large sums of money on maintenance of magnificent brand image, thereby increasing the agency cost. On the contrary, the firms may hold down wasteful spending to report a gaudily financial achievement. This results in mitigation of the agency cost. Agency costs are measured by the value of the principal component. First, three ratios are constructed: asset turnover, operating expense to sales, and earnings before interest, tax, and depreciation. Then, the scores of each of these ratios for individual firms in the sample are differenced from the ratios for the benchmark firm of S-OIL. S-OIL was designated as the best superior governance model firm for 2013 by CGS. We perform regression analysis of each agency cost index, luxury fashion brand dummy and a set of control variables. The regression results indicate that the agency costs of the firms with luxury fashion brand exceed those of control group in the fashion industry in the part of operating expenses, but the agency cost falls short of those of control group in the part of EBITD, thus the aggregate agency costs are not differential of those of the control group. In sensitivity test, the results are same that the agency cost of the firms are higher than those of the matching control group with PSM(propensity matching method). These results are corroborated by an additional analysis comparing the group of the companies with the best brands with the control group. The results raise doubts about the effectiveness of management of the firms with luxury fashion brand. This study has a limitation that the research has performed only for 2013 and this paper suggests that there is room for improvement in the current research methodology.

• Journal of Distribution Science
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• v.9 no.3
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• pp.73-82
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• 2011

This study presents an effective and distinctive marketing strategy through the implementation of the aesthetic art marketing communication technique of storytelling. The reason applying art to marketing is effective is that it gives "class" and aesthetic beauty to the brand's image, which will lead to an increase in revenue and loyalty of consumers. The story stands in for the brand's subject of "desire." Luxury brand customers not only consume high-quality products, require the utmost in service, and value of the brand, they also appreciate the story the brand is telling. The story, combined with art, is called art marketing communication; it makes the brand more unique through its enhanced visual elements. The study discusses art collaboration, art exhibition, a transforming architecture project, art advertisement, a flagship store, and a human resource training center. Based on the "desire," I adopted the element and principle of storytelling. By visualizing the brand with a symbol, the company is able to relate to consumers' sentimentality. Through storytelling art marketing communication, and the strategy using relevance of brand and artist's popularity, the research shows efficient art marketing influences to the brand's image. The results of the research indicate that by using adequate art marketing communication that best reflects the identity and story of the luxury brand, it produces great results; the research also demonstrated, in various ways, that art marketing will succeed. The case showed the following outcomes. First, consumers have a tendency to choose a brand that is associated with an empathizing story. World renowned brands see through the market's "desires" for unique stories, and they also provide the ability to amuse consumers. The story in a product will become an important competitive element in future markets. Second, the art marketing communication applying a story rendered a brand with distinction. The most effective art marketing communications are art collaboration, art exhibition, locomotive architecture project, and others that are adopted as various means. Third, the brand's products were considered as an art piece, which led to not only strengthening the loyalty of consumers but also an increase in sales. In addition, the company could sustain a premium price for the goods sold. By adapting art to a brand's tradition, an innovative and creative new product provides consumer satisfaction, and producing goods in limited editions creates enthusiastic collectors. Fourth, this study suggests an abridged report, implication, limitation of the study, and directions for further research. Referring to the case for the adaptation of luxury brands, efficient art marketing strategies considering Korean company brand and efficiently study preceding Korean company brand art marketing strategy could be proposed.

• The Research Journal of the Costume Culture
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• v.10 no.3
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• pp.293-305
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• 2002

This paper describes the new trends of fashion industry in the era of digital media and Internet paradigm, where fashion is no longer just static contents. Fashion becomes crucial and dynamic contents for infotainment, mobile Internet, and digital media. As therefore, the fashion industry could be positioned as fashion information industry and key elements of fashion communication. In the future, fashion education should be repositioned as dynamic Intermediary not only for traditional textile design, costume design, and merchandising, but also for dynamic fashion information provider, fashion communication and fashion-oriented media related to digital Information, and Internet. As a case study, we briefly describe the successful co-marketing strategies of world-class luxury fashion brands, fashion media, and Internet service provider.

• Culinary science and hospitality research
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• v.7 no.1
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• pp.181-202
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• 2001

Recently there is growing concern regarding the service industry in Korea, especially the food service industry. The form of food service industry has become larger and speciallized by means of either implementing marketing programme in individual companies or the entrepreneurs' possesstion of chain stores. As the food service industry has extended throughout the whole of Korea, It has contributed enormously to the regional economy. These phenomena is based on the following facts; the increase in income level, the fast economy growth and change, rapid reform of social structure, and the change in status of the labor population. To meet these changes and reforms the food service industry in Korea has to form a new ideology that takes into account the interaction with globalization, the phenomena of instant-food consumption habit, a general increase in the those who eat-out, the two faces of luxury, and the blending of domestic extravagance and practicality, especially the influence of imported brands on advance technology and system utility on the economic section and style as a whole.

• Fashion & Textile Research Journal
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• v.13 no.6
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• pp.917-925
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• 2011

Flagship store opening is one of the most frequently reported retail news in which it is widely used to promote a new store opening. The purpose of this study was to explore the flagship stores on media reports. Flagship store cases were collected from the news article database of the largest internet portal in Korea. A total of 210 cases were collected and content-analyzed. Though various business types of flagship stores were observed, most were in fashion. The most common characteristic of the flagship cases was the location of the prime sites in a metropolitan city. Global luxury and designer fashion brands met most characteristics, but many flagship stores were not more than a brand-owned store. The flagship store term is emphasized with dramatic expressions and various promotional events for media interests and in turn for marketing communication effect.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.4
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• pp.95-111
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• 2015

This purpose of this study is to academically define what "luxury products" mean, and to clarify the cognitive structural relationship between product attributes and "luxuriousness" in relation to the determinant of luxuriousness that eventually affects the purchase intention of consumers. This study is also written under the theory that luxuriousness leads to benefits such as functional benefit, experiential benefit, symbolic benefit, and exclusive benefit; which all provide core values to consumers and serve as effect factors that influence the psychological satisfaction of consumers. The commonly discussed measure of the determinant of luxuriousness has often failed to adequately describe the reasons to why the consumers prefer luxury products. This study also aims to suggest a new path in how and what the consumers perceive as luxury products, and to conceptualize what luxuriousness means in the marketing perspectives on the background of a previous theory. The part of product attributes are divided in the following sections: the quality and design of functional cues and brands of symbolic cues, as well as prices. The part of the determinant of luxuriousness is divided in sections of superiority, scarcity, differentiation, and traditionality. Therefore, this study used the theoretical concept used in such common measures as well as 282 examples to empirically analyze the relationship between product attributes and luxuriousness of luxury products, and how such affect the purchase intentions of consumers. The survey used to aid this study targeted luxury product consumers regarding "B" brand of automobiles. Using the analysis through a structural equation model, the study draws a conclusion that in a relationship between product attributes and luxuriousness, quality(which is one of the functional cues) affects the facts of superiority, differentiation in a significant way, and design affects the factors of scarcity in a significant way. And brand(one of the symbolic cues) significantly affects the factors of traditionality within the luxuriousness factors, and price appeared to affect superiority and scarcity. Additionally, the brand of product attributes significantly affects purchase intention, and superiority and scarcity of luxuriousness affects purchase intention in a significant way. The structural concept of luxury and luxuriousness suggested in the study will provide the theoretical basis for building a new case study, and the determinants of luxuriousness in the marketing perspective will be a practical help for checking the consumers' psychological reasons for purchase.

• Journal of the Korean Society of Costume
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• v.66 no.2
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• pp.45-60
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• 2016

As a method to satisfy needs and emotions of consumers who pursue diversity, the use of Kitsch in the fashion industry has been increased. Previous studies on Kitsch fashion have focused on qualitative research on the characteristics of Kitsch product, and little empirical researches have been conducted on consumer attitude such as consumer response to Kitsch products and brand equity. Therefore, the purpose of this study are 1) to investigate comparisons of experiential values (i.e., Aesthetic, Amusing, Cultural) with Kitsch product moderated by consumers' characteristics (i.e., consumer uniqueness, fashion involvement), and 2) to explore the relationship between experiential values and brand equity. Factor analysis, reliability analysis, ANOVA, and structural equation model using SPSS 18.0 and AMOS 18.0 were used for the data analysis. 210 questionnaires were analyzed for this study. The results of this study were as follows. First, significant difference in aesthetic values of Kitsch products were shown. Kitsch Product with nostalgic characteristics has higher aesthetic values than others. Specifically differences in experiential values with Kitsch product were partially moderated by consumers' characteristics (i.e., consumer uniqueness, fashion involvement), Second, cultural value had a positive influence on brand awareness, while amusing and cultural values had a positive influence on brand image. Also aesthetic and amusing values had a positive influence on brand loyalty. Academic and business implications were discussed from this study.

• Korean Institute of Interior Design Journal
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• v.25 no.4
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• pp.135-146
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• 2016

The purpose of this study is to analyze the correlation between fashion brand image and store space image. To investigate this study further, one of the luxury fashion brands was selected for a case study and surveys were conducted to 200 participants. This study evaluates the factors of fashion brand images that customers associate with a brand before stepping inside the flagship store. Also it analyzes the factors of store space image after the experience of the flagship store. As a result of the correlation analysis based on quantitative statistic measures, the fashion brand image and store space image coincided highest with extraordinary, young and strong characteristics. According to the space elements of the flagship store, the relationship of the brand image with the store image was investigated. As a result of analysis, customers felt the high correlation with the facade among the architectural elements of flagship store. This resulted in that customers consider that the black box of the facade represents originality of this fashion brand as a concept of spatial elements. As a practical implication, companies should understand that the architectural design is a very crucial component in designing the flagship store, as it gives customers their first impression about a brand. The brand image is required to be integrated through the exterior design of the store. The final conclusion of this study shows that the flagship store provides a space where you can experience the corporate value and brand through the space of brand experience and share an emotional image created by the brand as well.

• The Journal of the Korea Contents Association
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• v.13 no.7
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• pp.80-90
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• 2013

Despite the growing popularity of gay consumers as a fetching niche market, there has been little academic attention paid to the homosexual themes in print media, especially compared to research on gender, race, and sex imagery in ads. The present study aims to fill this void by examining advertisements with three different target audiences(homosexual, metrosexual, retrosexual consumer) through a comparative analysis of contemporary magazine advertisements. In this present study, we analyzed ads in three leading men's magazines (Out, GQ, and Maxim). Product (product category, price, and luxury brand) and human model (basic descriptions, sexuality, status, and masculinity) characteristics in ads were analyzed as the variables signifying the degrees of gay themes in ads across three magazines. The results showed that more expensive luxury brands were placed in GQ and Out than Maxim, and more male models were under-sexualized in Maxim than GQ and Out.

• Journal of Fashion Business
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• v.23 no.1
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• pp.145-162
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• 2019

This study reviewed photos of women's jackets shown at Milano Collections from 2013 S/S to 2017 F/W to identify the variations and trends in their structural components and design elements with respect to year and season. 576 photos, which consist of 276 S/S jackets and 300 F/W jackets by renowned Italian luxury fashion brands; Giorgio Armani, Gucci, Fendi, Max Mara and Jil Sander, were analyzed. Some of the highlighted findings are as follows; in the structural aspects, the H-line silhouette, below waist to hip line length, natural shoulder line and single button closure were the most frequently appearing components among all the jackets. For the design elements, the largest number of jackets was made of woven fabric in single color, while fur was mostly used in F/W seasons for its warmth, heaviness and bulky appearance. From the results, it was established that variations were made to the jacket components and design elements to the extent that they convey predominant jacket styles with a certain level of practicality and performance. However, the study also found that some of the jackets demonstrated design diversity and innovation by adopting daring styles, bold materials and colors. As the findings of this study identified the variations and trends in women's jacket components in recent years, they can be applied towards developing high end women's jackets to meet the demands and distinctive needs of luxury clothing buyers and distributors.