This compilation of photos shows the show room of KREAM in Sangsu-dong, Seoul, on July 14, 2020. (Yonhap)
SEOUL, April 26 (Korea Bizwire) — So-called ‘shoe-vesting’, or using shoes as a means of financial investment, is gaining popularity among South Korea’s younger generation.
Various platforms are being established to cater to this trend, as well as the demand from the MZ generation.
‘Shoe-vesting’ primarily involves reselling limited edition shoes at a higher price, which has led to the rise of a considerable market, attracting various conglomerates since last year.
KT mhows Co., a subsidiary of South Korean mobile carrier KT Corp., recently unveiled the redesigned Reple, a resale platform for limited edition sneakers introduced last October.
Previously, transactions of limited edition shoes were reserved for a small number of shoe enthusiasts on online forums or smaller platforms.
Now, South Korea’s sneakers resale market is estimated to stand at 500 billion won (US$449 million) in value.
“Platforms are still in their development stage, with companies yet to take clear dominance over the market,” an industry source said.
“Since teens and 20-somethings account for more than half of all consumption in the market, new services are being developed to meet the exclusive needs borne by the MZ generation.”
Snow Corp., the developer of the popular camera application SNOW, established KREAM as an independent firm and decided to invest 20 billion won in the company.
KREAM is a sneaker resale platform known for its bidding system differentiated by shoe sizes, and reviews by influencers.
Bungaejangter, the operator of the country’s first secondhand transactions app, is promoting its safety and simplicity in engaging in secondhand transactions.
The company opened the BGZT Lab in the Hyundai Seoul department store in February, where customers can check out and shop for some 300 kinds of rare sneakers.
H. M. Kang (hmkang@koreabizwire.com)
