A wholesale portal for South Korean fashion labels has been formally launched by the department store division of South Korean retail group Shinsegae Group. Through the multilingual platform known as ‘Kfashion82,’ which targets the international K-fashion industry, Shinsegae hopes to foster the development of numerous outstanding designers.
The Korea Federation of Textile Industries reported that in 2022, South Korea’s exports of garments to the United Kingdom, France, Italy, and the United States were $345.6 million, an increase of 50.3 percent from the previous year. Shinsegae launched Kfashion82’s beta service in March 2023 in an effort to draw in K-fashion enthusiasts. More than 100 domestic firms have already signed on to the site, which is available in English, Chinese, Korean, and Japanese.
In an announcement, Shinsegae Department Store announced that Kfashion82 would formally debut on 31st May 2023. To supply fashion items abroad, the department store will cooperate with logistics companies that have experience with international distribution.
“We will try hard to support competitive South Korean fashion firms to continue to grow,” a Shinsegae Department Store official was quoted as saying.
Interest-free funding of up to 100 million won (US $ 75,642) would be made available to domestic enterprises, depending on sales success and transaction volume.
The marketplace has implemented escrow-based payment, in which a local bank holds funds from customers and pays them to the seller once the product is delivered.
