Seoul, South Korea - KREAM, a trading platform for Naver affiliates and limited edition products, has integrated its business with SODA of Japan. SODA operates the same business model in Japan under the service name SNKRDUNK.
Why it matters:
The move is expected to reshape the industry landscape in both countries while expanding its reach in Southeast Asia.
The Key Points
- SODA, backed by SoftBank Vision Fund 2, has a significant position in Japan, which will be bolstered by the acquisition of MONOKABU in 2021.
- KREAM, which started as a project under Snow (a NAVER subsidiary) in 2020, has seen over 230% annual growth in transaction value and has partnered with over 150 brands.
- The integrated platforms will strengthen its presence in Thailand, Indonesia, Malaysia and Singapore.
The Big Picture
The merger aims to leverage the synergies of both companies to expand the reach of brands from both countries.
With an established footprint in various markets, the duo will focus on refining the user experience.
The merger is expected to be completed in the first half of next year, with SODA seeking an independent listing on the Japanese stock exchange.
After the merger, SODA's operational structure will remain unchanged, and its president, Yuta Uchiyama, is expected to join KREAM's board of directors.
In addition, KREAM's strategic investment in Sasom Company, a key player in Thailand's limited edition trading market, demonstrates the company's ambitions in Southeast Asia, a rapidly emerging market region.
