CHIC's Pre-owned Luxury Goods Platform Achieves KRW 10 bln in Monthly GMV.

CHIC, a used luxury goods trading platform, surpassed KRW 10 billion in monthly gross merchandise value (GMV) before its first anniversary.

Operated by PAP Corp., a subsidiary of KREAM, CHIC has accumulated over KRW 58 billion in GMV since its launch in May last year.

Originating from NAVER’s ‘CHICment’ cafe, the platform has snowballed due to its strict verification processes and unique services to enhance the user experience, such as CHIC Fifty and CHIC Miles.

To ensure product authenticity, CHIC requires users to pass five levels of verification and provides product inspection services through its center, CHIC Lab.

If a product is found to be counterfeit, CHIC will refund the buyer 300% of the purchase price. These measures have contributed to a repurchase rate of 30% and a monthly growth rate of over 20%.

CHIC Fifty, a service popular with sellers, streamlines the process of shipping, inspecting, selling, and settling pre-owned luxury goods.

Users initially receive 50% of the sale price, with the remainder paid upon transaction completion.

To expedite sales, CHIC reduces the sale price by 2% after one week and charges a competitive 10% sale fee.

CHIC Mile, another popular service, ensures the safe delivery of luxury items.

Currently available in the Seoul metropolitan area, the service utilizes CHIC’s vehicles and staff for direct pick-up and delivery, enabling secure transactions.

Aiming for a GMV of KRW 200 billion in 2023, CHIC plans to enhance community features, introduce membership services, and expand its delivery service.

Membership benefits will include points, free shipping, monthly online magazine delivery, and birthday/holiday points based on user history.

The company will also categorize items in inspection reports and run promotions based on trends and seasons.