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BTS to be offered up to 2 billion KRW for luxury brand deal post-military enlistment, cut-throat competition to sign boy band; Report
BTS is reported to be offered up to 2 billion KRW for a luxury brand deal after military service completion. The cut-throat competition among brands to sign the boy band gets revealed by an insider.
BTS is one of the most sought-after names whether it be in the industry or in the luxury fashion brand game. Recently, a former employee of a luxury fashion brand came forward and revealed the cut-throat competition among brands to sign K-pop artists, especially BTS.
As revealed by the insider, brands are establishing special teams whose sole purpose is to secure deals with K-pop artists and interestingly any failure to do so has dire consequences.
BTS might land a luxury brand deal worth around 2 billion KRW
According to a report by South Korean media outlet Chosun Ilbo, an ex-luxury brand employee came forward to share the present status of fierce competition between brands. The insider who remains unnamed revealed that the luxury brands are in a cutthroat race to secure deals with K-pop stars especially, BTS. The person added that he had to resign from his position as he failed to renew the brand ambassador deal with BTS.
Another employee of another luxury fashion brand said that they also left the job under scathing pressure from the brand to guarantee advertising deals with groups like BLACKPINK and NewJeans. Moreover, they mentioned that the competition is extremely tough in the luxury industry, as landing a deal with BTS could potentially lead to a promotion to the role of president.
The demand for K-pop idols and artists as ambassadors and faces of global brands has seen an exponential rise, unsurprisingly the price to cut the deals has risen as well. It was reported that BTS would get an offer of up to 2 billion KRW for a new luxury brand deal if they accepted.
More on competition among luxury fashion brands
Meanwhile, BLACKPINK’s brand value for contracts has been estimated at around 1.5 to 2 billion KRW. In other news, other K-pop groups like IVE, LE SSERAFIM, Stray Kids, and NewJeans are also in high demand.
Many brands are also on board for signing entire K-pop groups as ambassadors such as Dior who signed TOMORROW X TOGETHER and Louis Vuitton who signed LE SSERAFIM.
It is no surprise that luxury brands are running to cut deals with K-pop stars as their influence on sales and brand value is impeccable and unmatched. The impact of K-pop artists endorsing a brand on sales is mind-boggling according to the recent trends.
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