Luxury has long been a subject of admiration and exclusivity. Apparel created with expert craftsmanship and inspired by high-end culture, however, is likely to take a different path in the future, according to global fashion leaders gathered in Seoul for the Conde Nast International Luxury Conference.

In the future the concept of luxury could become more democratic and open as technological advancements change how people consume information and spend money, they said.

“The velvet ropes have come down on the luxury fashion sector,” said Eva Chen of Instagram. “The future of luxury is democracy, and direct communication with consumers.”

Chen, who advises fashion brands on how best to utilise her social network, believes Internet connectivity presents unlimited ways for global fashion brands to engage in “storytelling”, which she said lies at the centre of luxury heritage.

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

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

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

To better engage with customers, he said, MCM is opening a digital-based interactive shop in Hongdae, the bustling artistic district of Seoul. To promote inclusion it will also provide US$10 million over the next 10 years to organisations dealing with disease.

As head of MCM – which has become South 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, capitalising on South Korea’s cultural influence in the region.

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

“In a country where the political people seem very dynamic in putting a lot of money behind K-pop and K-everything else, there is no reason there wouldn’t be K-luxury,” she said. “It’s a time that brings this possibility of Korean luxury.” While acknowledging that the larger Korean population might not necessarily aspire to spend large sums of money on luxury items, Menkes believes K-luxury has the potential to succeed.

Citing the breadth of South 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 were echoed by Lee Seo-hyun, president and CEO of Samsung CT’s fashion division, South Korea’s largest apparel group and an affiliate of the Samsung Group. South Koreans, she said, “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.

“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,” said Lee, youngest daughter of Samsung Group chairman Lee Kun-hee.

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 South 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 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 and replicate the offline store experience online. Imagine having your own avatar, made with 3D body scanning in a virtual fitting room,” she said.

Technology can never replace the human creativity that lies at the heart of fashion, but those who are 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.”