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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Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.