The resale platform of South Korea’s web portal Naver Corp., Kream, has agreed to pay USD 1.7 million for a stake in Malaysia’s sneaker resale community Shake Hands. The purchase is part of the company’s attempt to increase its influence throughout Asia.
Kream’s stake now represents 22.47 percent of Shake Hands. In the past year, Kream has also acquired stakes in online used-goods market operators in Singapore, Australia, Thailand, and Japan.
Naver hopes to create an Asia-wide, borderless resale platform through the acquisitions that will enable users to directly exchange secondhand goods such as rare watches, footwear, and clothing.
Earlier this year, Kream purchased a 2.71 percent share in Singapore-based Quista Technology Pte., a provider of online marketplace services, with USD 3 million. As Soda Inc. has operations in China, Singapore, Hong Kong, and Indonesia, its JPY 3.5 billion (USD 25 million) purchase of a 14.89 percent share in the Japanese company last year is likely to assist Kream establish a presence in other regions of Asia.
Kream has taken out a total of KRW 87 billion (USD 66 million) in loans from its parent firm, software producer Snow Corp., to pay for the acquisitions.