French label Louis Vuitton was the best-selling foreign luxury brand in South Korea's department stores last year according to local consulting company MPI.

In its calculations, Louis Vuitton came top of the 20 brands analysed, with annual sales of 45.38 billion won (US$37.89 million.)

Italy's Gucci and Salvatore Ferragamo came second and third with sales of 31.35 billion won and 31.05 billion won, respectively.

Also in the top ten were France's Cartier and Chanel, Britain's Burberry and the US's Tiffany & Co.

MPI believes annual sales luxury goods brands are likely to top 1 trillion won, accounting for 5.2 per cent of the local fashion market.