Storets, an online women’s clothing retailer, secured a 1 billion KRW (900K USD) investment on March 27. Early stage venture capital firm Bon Angels and Silicon Valley-based Big Basin Capital participated in the investment.
Launched in 2011, Storets sells edgy and bold Korean fashion to customers all over the world. The retailer offers both products designed by the company as well as products from Dongdaemun, a commercial market in Seoul, where numerous shopping malls feature both wholesale and retail merchandise.
Although based in Korea, Storets exclusively caters to the foreign market. The company does not provide a website in the Korean language.. The designs and silhouettes of clothes that Storets carries, according to Bo Kim, CEO of Storets, are a little too bold for the Korean market. Instead, the retailer focuses on customers in the US, China, and Europe, markets which accounts for more than 98% of the site’s total sales. Various fashion bloggers and celebrities, from Aimee Song to Kylie Jenner, have been spotted wearing clothes sold on Storets.
Bo Kim, CEO of JAE, the company that manages Storets, said that “South Korea has a unique and one-of-a-kind Dongdaemun system, as well as a world-class online retailer industry.” Kim, who attended school in and held fashion gigs in the UK saw prospects in spreading Korean fashion and design all over the world. Kim stated that “taking advantage of the strengths of the Korean fashion industry, Storets will grow to become a global leader in online and mobile fashion commerce.”
-Inspired by Platum