The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Danggeun Market, the country’s top digital marketplace for pre-loved goods, was estimated to be worth 1.2 trillion won ($1 billion) at the beginning of the year, but its value has skyrocketed in recent months to two trillion won ($1.8 billion), The Korea Times reports.
The company’s soaring valuation comes amid a rising number of deals focused on Korea’s e-commerce industry, including Coupang’s US listing; an alliance between Naver and Shinsegae; and an eBay Korea sale.Danggeun Market was South Korea’s third most downloaded app in the first quarter of 2020, behind Coupang Eats and Zoom, App Annie data reveals.
The business has already won investment from domestic and global firms including Altos Ventures, SoftBank Ventures and Kakao Ventures. Market insiders anticipate that Danggeun Market could ultimately reach a 5 trillion won valuation given its plans to expand globally.
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The Future of Fashion Resale is the first in-depth analysis to be published by the BoF Insights Lab, a new data and analysis unit at The Business of Fashion providing business leaders with proprietary and data-driven research to navigate the fast-changing global fashion industry.
This week’s round-up of global markets fashion business news also features the China Duty Free Group, Uniqlo’s Japanese owner and a pan-African e-commerce platform in Côte d’Ivoire.
Affluent members of the Indian diaspora are underserved by fashion retailers, but dedicated e-commerce sites are not a silver bullet for Indian designers aiming to reach them.
This week’s round-up of global markets fashion business news also features Brazil’s JHSF, the Abu Dhabi Investment Authority and the impact of Taiwan’s earthquake on textile supply chains.
This week’s round-up of global markets fashion business news also features Dubai’s Majid Al Futtaim, a Polish fashion giant‘s Russia controversy and the bombing of a Malaysian retailer over blasphemous socks.