Europe’s largest online luxury retailer invested by Naver has landed in Korea. Foreign companies have entered the online luxury trading market where Korean startups (startups) such as Balan, Mustit, Trenby, and Catch Fashion compete fiercely.
According to related industries on the 14th, Vestier Collective, Europe’s largest online luxury trading company, recently started its business in Korea. The Paris-based company has entered more than 80 countries, selling world-class luxury goods such as Chanel, Hermes, and Gucci, securing about 25 million users. An industry official said, “Bestiere Collective has rapidly grown its influence in Europe and the United States since the spread of the new coronavirus infection (COVID-19),” adding, “We came to Korea to expand our scope to Asia, where luxury goods sales have increased.”
Vestier Collective established a limited company-type branch in Korea and recently launched a website and app to sell luxury goods. The company has two strategies for Korea. It is the expansion of luxury goods in Europe and the online used trade of luxury goods.
First of all, the emphasis is on ‘no fake luxury goods’. Recently, controversy over fake luxury goods has continued among companies, with some online luxury goods vendors in Korea being embroiled in controversy over selling fake luxury goods. The company, which aims at this, emphasizes the guarantee of authenticity by saying that it directly deals with European luxury goods companies. An industry official said, “The biggest concern for domestic retailers is to identify fake luxury goods,” and explained, “Bestiere Collective is putting forward special authentication technology and experience.”
In addition, it will actively introduce European luxury goods that are not yet known in Korea. “We will introduce European luxury goods that are not yet known in Korea and cannot be obtained on other luxury sales sites,” an industry source said. “It is a strategy to lead the trend.”
At the same time, used transactions are also planned to begin in earnest in Korea. In Europe, second-hand transactions of luxury goods have increased since the spread of COVID-19. Therefore, the strategy is to quickly introduce used European luxury goods in Korea.