Niche marketplace Kream has introduced a c-to-c luxury goods platform, Chic, while taking another step to rebuild its brand as a general marketplace to challenge the main players in South Korea.
Kream emerged as a spinoff of its parent company, sneaker resale app Snow, a subsidiary of South Korea-based internet conglomerate Naver, two years ago. Since then it has invested in fashion and luxury resale and authenticity verification businesses, as well as a stake in a digital auto retailer.
Chic, launched by Kream’s subsidiary, originated from Naver Café-owned Chicment, which was opened in 2011 as an online community for luxury goods, according to an announcement. Currently, Chicment has more than 600,000 members.
To strengthen trust and reliability in interpersonal transactions, the newly-launched Chic authorizes membership only after verification of a user’s phone number, identity, financial history, and a fraud check by TheCheat, a non-profit information-sharing site.
With average monthly visits of 2 million, Kream.co.kr is already the third largest platform in its market, according to SimilarWeb. Bunjang is No. 1 with 3.6 million, followed by Daangn (2.1 million).