The far left part of the photo shows G-Dragon’s Peaceminusone Para-Noise on StockX. In the middle is the same shoe on XXBLUE, while the far right shows the transaction graph of the sneakers on XXBLUE.
SEOUL, Sept. 20 (Korea Bizwire) – Nike Korea added new terms and conditions to prevent its footwear from being purchased simply for the purpose of reselling and decided to strengthen restrictions on individuals who disrupt the reselling market.
In its newly disclosed terms and conditions, the South Korean unit of Nike, Inc. added a new clause banning purchases for the purpose of selling, effective from October.
The revision of Nike Korea’s terms and conditions is drawing market attention since Nike sneakers shoes are now spearheading the reselling market.
Five days after Nike released the Air Force 1 series at a fixed price of 3.51 million won (US$2,527) in collaboration with Louis Vuitton back in July, pairs were being resold for around 14 million won through the domestic resale platform KREAM.
Industry watchers said that Nike’s revision of terms and conditions would have more impact on the traders sweeping the inventory of Nike’s popular products than reselling between individuals.
The revised terms and conditions include clauses that stipulate the rejection of returns or refunds if the purchases are judged to be for the purpose of reselling, and permit Nike to cancel orders for purchases suspected of being made using a macro function.
Nike Korea’s latest move put resale platforms on high alert. If Nike strengthens its crackdown, it could threaten their viability.
J. S. Shin (js_shin@koreabizwire.com)
