Naver-owned luxury resale platform Kream is to acquire Japanese limited-edition goods trading platform SNKRDunk’s operator, Soda, as part of its strategy to become the leading C2C and fashion e-commerce destination in Asia Pacific.
Kream is reported to invest US$71.6 million for a 43.6 per cent stake in the Japanese company, making Soda its consolidated subsidiary in next year’s first half.
Soda’s current management will remain overseeing the company’s operation, while its CEO and founder Yuta Uchiyama will join Kream as board member and chief officer for the combined operation’s global expansion. Soda is also planning an IPO in its home market.
Soda launched SNKRDunk in 2018, which now is Japan’s largest buy-and-sell platform for authentic sneakers and apparel. The Tokyo-based company acquired its rival Monokabu in 2021 after raising $56.4 million from SoftBank Ventures Asia.
“The integration of the two companies is expected to provide an expanded product offering and channel offering to both the consumer and fashion brands not only in Korea and Japan but also in other countries such as the US, Australia, Thailand, Singapore, Indonesia, Malaysia,” the company said in a statement.
Besides Soda, Kream has also made additional investments in Thailand’s limited-edition trading platform Sasom for an undisclosed sum.
Earlier this year, the South Korean luxury resale marketplace bagged US$168 million in series C led by returning backer Altos Venture. The round was also joined by SoftBank Ventures Asia, Samsung Securities and Axiom Asia.
