Luxury brand shop floor in Shinsegae Department Store in Jung-gu, Seoul (Courtesy of Yonhap) Until recently, it was not unusual to see people waiting in a long line in front of foreign haute couture brands’ stores early in the morning in South Korea, but that is not an ordinary scen
R.Lux tab on the Coupang app (Courtesy of Farfetch) Coupang Inc., South Korea’s largest e-commerce player, is set to seize control of the country’s online luxury market with Farfetch amid the fast decline of the country’s once-promising luxury-only platforms. Coupang and
A Louis Vuitton outlet in Seoul South Korea’s luxury goods market is becoming increasingly polarized, with ultra-high-end brands such as Hermès, Louis Vuitton and Chanel reporting record-breaking sales, while mid-range labels struggle amid a broader consumer pullback.Despite an ove
(File photo) South Korea’s top luxury goods e-commerce platform Balaan Co. said on Monday it has filed for corporate rehabilitation with a Seoul court as the cash-strapped startup has been hard hit by the rapidly cooling fever for upscale fashion brands in the country.Balaan is seeking to
Balaan commercial (File photo) South Korea’s cosmetics wholesaler Silicon2 Co. is set to invest $10 million in financially troubled luxury fashion e-commerce platform operator Balaan Co. on condition that it can take over its management control.Silicon2 filed with a financial regulator on
A Gugus offline store in Hannam-dong, central Seoul Gugus, South Korea’s largest online retailer of secondhand luxury goods, posted double-digit growth in revenue and transactions in the first quarter of this year after a robust 2023, bucking the spending slowdown trend seen in the high-e
Coupang went public on the New York Stock Exchange in 2021 Coupang Inc., South Korea’s leading e-commerce platform, plans to acquire Farfetch Holdings, a London-based online retailer for luxury goods, in a $500 million deal aimed at bolstering its clothing business, considered its weak sp
Balaan TV commercial Concerns are growing about the financial health of South Korean luxury fashion e-commerce platform operator Balaan Co. after its net loss doubled on-year to 37.9 billion won ($29.1 million) in 2022 despite Koreans' huge appetite for luxury brands, and its cash reserve
Balaan CEO Choi Hyung-rok (Courtesy of Balaan) South Korean luxury e-commerce platform operator Balaan Co. will complete the attraction of 25 billion won ($17.3 million) in investment in a Series C Funding round by the end of October, the company said on Friday.Three Korean venture capital firm
SSG.COM launches its luxury brand platform SSG Luxury SSG.COM, the e-commerce brand of South Korean retail giant Shinsegae Inc., launched its online luxury goods marketplace SSG Luxury on July 3. Focusing on global high-end fashion brands, SSG.COM’s entry into the luxury fashion e-commerc
High-end online fashion platform Balaan conducts Series C round worth $82 million South Korea’s e-commerce startups are enjoying massive hikes in their valuations on the back of robust online spending by millennials and members of Gen Z.Venture capitalists are betting on the buying power