Domestic apparel companies have cut new brand launches by 28 per cent this year, with only 94 new brands emerging on the market compared to 130 in the previous year.

The decrease in new brands has coincided with an increased in Korean companies introducing renowned foreign labels to the local market, in a bit to capitalise on existing popularity and cut marketing costs.

Also, a recession-led dent in domestic consumption has caused wary companies to delay new brand launches.