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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Local streetwear brands, festivals and stores selling major global labels remain relatively small but the country’s community of hypebeasts and sneakerheads is growing fast.
This week’s round-up of global markets fashion business news also features Senegalese investors, an Indian menswear giant and workers’ rights in Myanmar.
Though e-commerce reshaped retailing in the US and Europe even before the pandemic, a confluence of economic, financial and logistical circumstances kept the South American nation insulated from the trend until later.
This week’s round-up of global markets fashion business news also features Korean shopping app Ably, Kenya’s second-hand clothing trade and the EU’s bid to curb forced labour in Chinese cotton.