Naver-owned resale platform, Kream, is set to acquire a 22.47 per cent stake in Shake Hands – the parent of Malaysia’s biggest sneaker resale community SneakerLah – for US$1.7 million.
Naver, parent of the messaging and social-networking ecosystem Line, said the move is part of its ambition to further expand its influence in the booming Asian resale market. Prior to Shake Hands, the company invested in several Asian online resale platforms, including Sasom Thailand and Soda Japan.
Founded in 2015, SneakerLah has grown into one of Southeast Asia’s biggest sneaker events. It aims to position itself as a melting pot for international footwear companies, sneaker stores, and streetwear resellers.
The investment in SneakerLah follows Kream’s latest acquisition of a 2.71 per cent stake in Singapore-based online marketplace operator Quista Technology earlier this year.
To fuel the Asia expansion, Kream was reported to have borrowed US$66 million from its parent company Snow Corp.
The e-commerce resale player, launched in March 2020, is raising new funding thorugh a Series C round.