Kim says her annual sales of $1.27 million plummeted to a third of what she used to make after the COVID-19 pandemic hit. Most of her orders came from Japan but travel restrictions forced her to shut down in August and September.
She now hopes orders will last past Halloween and sees better chances of renewed exports with “Made in Korea” labels.
The South Korean garment industry had been in decline even before the pandemic with higher wage levels making it difficult to compete with China, Vietnam, or Indonesia.
Of the 2,144 manufacturing businesses in Seongbuk, 70 percent-or 1,510—are apparel companies, Seoul Fashion Textile Sewing Association chairman Oh Byung-yeol told Reuters.
“The two years of COVID have been a tough time for domestic fashion corporations,” said Seongbuk Mayor Lee Seung-ro. “¨[But] Squid Game, which has become a global sensation, has also made tracksuits popular domestically, leading to a flood of orders.”
A child’s Squid Game tracksuit was selling for $25.50 in Namdaemun Market, the country’s largest traditional market where stock ranges from kitchenware to jewellery.
A garment vendor in the market said he and others did not have enough tracksuits to meet soaring demand.
Squid Game has been watched by 142 million households since its Sept. 17 debut, according to Netflix, the world’s largest streaming service, helping it add 4.38 million new subscribers.
Many small business owners in South Korea recognized themselves in the cash-strapped characters of the wildly popular thriller, who vie desperately for a chance to win $38 million, exposing a debt trap that is all too familiar.
