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.
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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.
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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.