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How Popular is Sneaker Reselling in Korea? [Top Platforms Included]

By December 2, 2023Make Money, Sneaker Tutorial

AIO Bot - Sneaker Reselling in KoreaIs sneaker reselling dead? Is the sneaker culture still a thing in 2023? Well, we can guess that such questions are mainly asked by people who either don’t have an idea about the sneaker business or they’re still scratching the surface when it comes to learning about sneakers. Because when you realize that some of the biggest resale platforms’ authentication centers aren’t locally based anymore. This and the fact that new reselling businesses are still launching every year and then. And since we’ve got an idea about sneaker reselling in the U.S. and China, why don’t we take a trip to learn all about sneaker reselling in Korea? 

Sneaker Reselling in Korea 

So basically inflation might be one of the main reasons some sneaker collectors and resellers might have taken a step back from sneaker reselling in general. Or maybe it was the after-effect of COVID-19? People were too busy reorganizing their lives to work on their side hustles. However, things seem to have been changing lately as the sneaker market has been welcoming members nonstop. The rise of the Korean sneaker reselling market is proof enough of that rising trend. Matter of fact, the South Korean resale market is currently roughly worth 500 billion won ($346.2 million), and it’s only expected to keep on growing over the years. 

According to Statista, South Korea’s sneaker segment is set to generate $0.96 billion in 2023 with a 4.39% annual growth rate from 2023 to 2028. In addition, this segment is anticipated to show a 2.3% growth in 2024. While the volume of kicks is highly probably to reach 15.79 million pairs by 2028. All in all, the sneaker reselling market in Korea is driven by high demand for limited edition collabs from both local and international brands.

The Best Korean Sneaker Resale Marketplaces

KREAM 

KREAM - Sneaker Reselling In Korea - AIO BotBeginning the best sneaker reselling platforms in Korea list with KREAM. Although it’s only been three years since it was launched by NAVER’s subsidiary SNOW Corporation, KREAM quickly became one of South Korea’s leading sneaker reselling platforms. It’s also worth noting that KREAM has recorded an annual growth rate exceeding 230% since its inception. 

Other than the platform, you can visit the brand’s showroom in Sangsu, Seoul if you want to live the experience of exploring a sneaker exhibition-like scene. Currently, the company is working on expanding its services beyond Korea to include Japan, Singapore, and Thailand. 

Now, as a reseller or a buyer, let’s hit you with what matters to you the most. As a seller, in addition to 5,000 won worth of delivery fees plus storage costs, you have to pay up to 5% (excluding VAT) of the sneaker’s value. However, as a buyer, you have to pay up to 3% of the product’s value (excluding VAT) and 3,000 won for standard shipping. But if you want the platform to send you a fast delivery, you’ll have to pay 5,000 won. 

Sneaker reselling in Korea doesn’t stop here! Read through for more marketplaces to sell your kicks at!

SoldOut 

SoldOut - Korean Sneaker Reselling Platform - AIO BotAs we just mentioned, sneaker reselling in Korea is becoming more popular by the day. Which means it’s only natural for sneaker reselling platforms to launch and compete against one another. This being said, we’ve got another Korean sneaker reselling platform that launched in 2020, the same year KREAM did. 

SoldOut was established by the largest multi-brand online fashion store in South Korea, Musina. The store closed down earlier this year to relaunch again on October 11. And this year alone, SoldOut was able to raise $33 million. The brand also recently opened a physical store in Seoul. This way, it accomplished the goal of letting its customers experience in-store sneaker buying experience, as well as online. And just like KREAM, the store looks very exhibition-like with some of the most limited sneakers out there showcased. The store also includes a room for sneaker authentication.  

To learn more about SoldOut, you can visit them through their app. Click here!

StockX 

StockX - Reselling Sneakers - AIO BotFinally, we’ve got StockX. The sneaker resale marketplace that needs no introduction. It’s not only one of the most popular sneaker reselling platforms in Korea, it’s one of the best reselling websites in the world! And since StockX has been trying to make its customers’ experience in selling and buying limited edition sneakers special, it’s been opening authentication centers in countries where demand for limited sneakers is high. One of those countries is South Korea. 

So, considering that Korea is among StockX’s fastest-growing regions, with buy-side trades of up to 134%, the marketplace decided to open its own authentication center in Korea. And this offered customers many benefits, including lower fees and faster deliveries. 

Off to the money talk. StockX charges transaction fees depending on the seller’s level. Also, all StockX sales have a 3% payment processing fee. However, all in all, the base transaction Fee as a seller is  7% to 9%. As for buyers, fees depend on factors such as size of the item, item type, and shipping costs.

NOTE: To learn more about StockX’s fees, as well as other resale platforms’, click here!