Chen, who advises fashion brands on how best to utilize the photo and video-sharing social network, believes that the connectivity of social media presents unlimited ways for global fashion brands to engage in “storytelling,” which lies at the center of luxury heritage.

For instance, Balmain has been making use of Instagram’s mini-video function Boomerang while Gucci recently launched #GucciGram, a digital media project that invites artists to create photos and videos incorporating Gucci’s design motifs, she said.

“The fashion sector has always moved quickly, but it does feel more accelerated now because of social media,” said the Instagram representative.

In an era of openness, luxury fashion brands should embrace “inclusivity” rather than “exclusivity,” said Kim Sung-joo, chairman of Sungjoo Group as well as German fashion and accessories brand MCM.

To better engage with customers, MCM is opening a digital-based, interactive shop in Hongdae, the bustling, artistic district in Seoul, Kim said. As part of its drive to promote inclusion, it will also provide $10 million to (RED), which supports HIV-AIDS causes, and the Global Fund to Fight AIDS, Tuberculosis and Malaria, over the next 10 years.

As the chief of MCM -- which has grown into Korea’s flagship high-end fashion brand since its acquisition by Sungjoo Group in 2005 -- Kim further vowed to lead “Asia’s renaissance” in fashion, capitalizing on Korea’s cultural influence in the region.

From music and cosmetics to technology, art and fashion, Korea wields immense cultural clout across Asia and elsewhere. And soon, Korea may be able to nurture its own luxury fashion sector, said Suzy Menkes, host of the luxury symposium and editor of International Vogue.

“In a country where I find the political people seem very dynamic in putting a lot of money behind K-pop and K- everything else, there is no reason why there wouldn’t be K-luxury,” said Suzy Menkes during a press conference on Tuesday.

“It’s a time that brings this possibility (of Korean luxury),” she said. While she acknowledges that the larger Korean population may not necessarily aspire to spend large sums of money on luxury items, Menkes believes K-luxury has the potential to be successful.

Citing the breadth of Korea’s design capabilities, the British fashion expert said “the skills of making luxury are here. It’s just a question of really marketing it.”

Menkes’ views on Korea were echoed by Lee Seo-hyun, president and CEO of Samsung C&T’s fashion division, Korea’s largest apparel group and an affiliate of Samsung Group.

“We do not yet have our own luxury brand, but that’s not for lack of talent. In fact, Koreans make up a large percentage of students at major design schools around the world,” said Lee, the youngest daughter of Samsung Group chairman Lee Kun-hee.

“I think one of the reasons is because until quite recently, we were more focused on global trends. Now, we are becoming more confident of our own style and story,” she said.

Though acknowledging the apparent difficulties of breaking into the “luxury club” led by European and American brands and designers, Lee believes “it‘s just a matter of time” before Korea produces its own global brand.

As for Samsung’s potential to build a new luxury empire in Asia -- the “LVMH Group of Asia,” as conference host Menkes put it -- Lee envisioned the gradual expansion of its fashion business overseas over the next five to 10 years.

The Samsung heiress also highlighted the immense impact that new technologies such as virtual reality, big data and artificial intelligence will have on luxury marketing and consumption, stressing that the Korean electronics giant is ready to lead the marriage of fashion with technology.

“VR can bring fashion week shows to living rooms in real time ... replicate the offline store experience, online. Imagine having your own avatar, made with 3-D body scanning (in a virtual fitting room),” she said.

Technology can never replace human creativity that lies at the heart of fashion. But those quick to offer interactive experiences will emerge as leaders, according to Lee.

“If the industry acts quickly in embracing technology, I think that future luxury will be limitless. The possibilities are limitless, and that is a future we can all look forward to.”

By Sohn Ji-young (jys@heraldcorp.com)