South Korean Sneaker Resale Platform SoldOut Raises $33 million

The operator of South Korea’s on-line resale market for limited-edition shoes and streetwear mentioned current shareholders Musinsa, South Korea’s biggest multi-brand on-line type store, and Dunamu participated within the funding spherical of 40 billion received ($32.8 million).

Daecheol Jeong, leader monetary officer at SLDT, a subsidiary of Musinsa that operates SoldOut, mentioned the recent capital funding shall be used to increase its be offering by way of including new luxurious, way of life and generation classes to its present sneaker center of attention.

Price range may also be deployed to enhance the buyer revel in. Further group of workers shall be employed to improve the platform and a 2d inspection centre shall be opened in Seoul inside the first part of this yr.

Introduced in July 2020, SoldOut at once competes with Line mother or father Naver’s on-line sneaker resale channel Kream, which bagged 40 billion received from SoftBank Ventures and Altos Ventures final yr.

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