"If you've made it you drive a Jaguar. If you've really made it you drive a Bentley". I was talking with a Korean friend about status symbols this week. And he was of the firm opinion that the premium brands in Korea were the British ones. The facts back him up. British products have a cachet and a reputation for quality amongst Korean consumers, whether they are buying clothes or commissioning an architect.
There's a good deal of "buy Korean" sentiment for lower priced goods and mass-market products. But when you're looking at the quality end the Korean consumer is happy, indeed, keen to buy foreign. And the British brand is strong. Nor are Koreans afraid of putting their hand into their pockets to acquire quality. The margins here for higher end goods and services are among the most attractive in the world.A string of British retail companies have made the most of British branding in the market and now we're seeing service providers and even industrial supply chain participants take the benefit.
Being British alone doesn't guarantee success - where would it? But a quality product backed with the British has a great chance of success. And once you've clinched a deal for your quality British product you'll celebrate in the traditional Korean way: over a glass or two of Scotch. And nothing under 18 years: in Korea when you celebrate you do it with a quality British product. "
Jonathan Knott
Minister Counsellor and Deputy Head of Mission