Motivation
Last updated
Last updated
The sharing economy is proliferating in many areas, from real estate to appliances to cars. As a result, the motivation for consumption has evolved beyond outright material possessions to a broader concept of enjoying positive experiences.
This change has also extended to the realm of fashion. While rentals and thrifting have been around for a while, a major shift occurred in 2016 when Rent the runway in the US launched an unlimited subscription service. By paying a subscription fee, consumers were able to change their style as many times as they wanted at no additional cost. With the birth and success of numerous similar services since then, fashion rental has proven its viability.
Goods that have achieved long-term success and become good businesses by applying the sharing economy, or rental model, have in common that they are expensive, highly utilized, or provide added value far beyond their functional purpose. Furthermore, they are viewed as personal assets or utilized as social vehicles for self-expression. And luxury fashion possesses these characteristics more strongly than real estate and cars. Consumers are looking for more intangible values in luxury fashion beyond practicality, which is in line with the nature of the sharing economy, where materials are shared and experiences are consumed.
While the sharing economy model has been successful in the fashion market, luxury fashion has not. Especially when it comes to rentals, the major fashion rental services in the US and Europe don't actually carry luxury brands. There are rental services that focus exclusively on luxury brands, but they suffer from the same problem: they don't have a sufficient number of products and can't keep up with demand.
The core members of our company, including the founders, have over 20 years of experience and success in the fashion commerce space, as well as a strong network of contacts. Our passion for Web 3.0 businesses, including blockchain and metaverse, has given us technology-based problem-solving skills and partnerships. With this, we had a clear understanding of why the sharing economy had not successfully penetrated the luxury fashion market and were confident that our company had what it took to offer an alternative.
MarketWIZWID, Korea's first cross-border e-commerce company, successfully went public with a value of 100 million USD.
Successfully selling a cross-border e-commerce service that offers global digital curation gadgets in Korea with a value of 30 million USD.
Successful Sale to SSG, South Korea's Largest Consumer Goods Company, of a Curation Commerce Service Dealing with Designer Brands from Korea and Global. (valued at 300 Million USD)
W Concept US (GMV 20 Million USD), W Concept CN (GMV 10 Million USD), MXN Experiences. (NY, LA, TK, SH, SE, ML, LD)
CEO at MUSINSA, often referred to as the 'Farfetch of Korea,' with a GMV of 3 Billion USD. Built a robust network with numerous brands and wholesalers.
Over the course of more than 20 years , conducted wholesale operations totaling over 1 billion dollars in the luxury fashion markets' epicenters, including Milan, London, and New York. We maintain close relationships with overseas boutiques, showrooms and brands.
