Luxury goods groups face criticism in Korea
The publication of luxury goods groups' financial results in Korea has prompted criticism that they do not give enough back to the country, according to local press.
Louis Vuitton Korea
told The Korea Herald that it donates to a fund that builds
children’s libraries and organizes summer camps.
It declined to reveal the amount, but www.chaebul.com said it donated about $175,000 – or 0.18% of its profit.
According to the Financial Supervisory Service, Richemont Korea saw 38% growth in sales between April 1, 2011, and March 31, 2012; www.chaebul.com said it spent $1,400 on charity donations. Richemont Korea told the newspaper that the company does charity work but declined to give any further information.
While these
companies faced criticism, the paper quoted a spokesman from a local
export group as saying that it could just be “a culture thing” in
Korean corporate culture to "give back" to the communities.
