Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Korean Luxury Platform Balaan Secures $17 Million in Series C Funding

Women sat on the floor with delivery boxes around them, ordering online on her mobile with her credit card in her left hand.
An e-commerce customer verifies her order by mobile. (Getty Images)
By
  • Khanh Linh

The investment round, participated by Shinhan Capital, Company K Partners, Daol Investment, and two other undisclosed investors, takes Balaan’s cumulative funding to $51.5 million since its inception in 2015 founded by Choi Hyung-rok, Jacob Kwak, and Park Joonhong.

Balaan’s claimed business proposition is that is allows customers to get the latest luxury goods in three days at a lower price than overseas by contracting with European boutiques. Luxury brands sold on the platform include Comme des Garcons Play, Balenciaga, Miu Miu, Burberry and Versace.

The capital will be used to improve its trading structure, including introducing new services such as Balaan Express rapid delivery and gift-giving functionality. The company aims to grow annual turnover from $220.6 million last year to more than $700 million this year. Transactions in the first half of this year topped $267 million.

”We plan to strengthen our position as a luxury sales marketplace and use the investment to find new sources of revenue,” said Choi Hyung-rok, CEO of Balaan, in a statement. Balaan plans to enter Japan and several Southeast Asian markets next year, according to Maeil Business Newspaper.

ADVERTISEMENT

Learn more:

A Guide to South Korea’s Booming E-Commerce Market

The pandemic set off an online shopping frenzy in what was already one of the world’s most digitally savvy countries. Here’s what brands need to know.

In This Article

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Global Markets
A guide to unlocking opportunity in emerging and frontier fashion markets.

Why Fashion Magazines Keep Launching Hong Kong Editions

Elle and Harper’s Bazaar have long published local editions that are distinct from their mainland China titles. Now more magazines, from Vogue Man to L’Officiel, are following suit as the city’s luxury market shows signs of bouncing back.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.