[MZ Zetech] Luxury Shoes Resale Market Reseller Fair Trade Commission
Resell refers to the act of reselling. Among the MZ generation, resell technology (resell + investment), which involves purchasing high-demand or rare products and then selling them at a premium to the existing price, is popular. Not only expensive luxury goods and sneakers are resold, but whiskey bottles, luxury brand shopping bags, luxury watch brand boxes, etc. are also subject to resell, and the size of the resale market is said to be reaching 1 trillion won.
Why is it trendy? Unlike their parents' generation, who were able to make a lot of money through savings, stocks, and real estate as the economy grew rapidly, it is difficult for the MZ generation to expect a large income. Therefore, rather than wanting to increase their assets, they have a strong desire to make a small but sure amount of money, which is why they are interested in investment techniques that allow them to make money right away, including reset technology. It's also easy enough that anyone can do it, and unlike other investment techniques, you can try it with little initial capital.
One thing to keep in mind is that overseas resales must be reported. If you resell a ticket to watch a performance or game, you will be punished. Brands have started banning reselling.
Source_Toes Speed
Source-Daily Pop Lee Soo-hyun
- Resale site: Kream (https://kream.co.kr/?tab=home_ranking)
<Excerpt from Nike Terms of Use>
*Source_Apparel News Reporter Oh Gyeong-cheon
At one time, Nike’s ‘Dunk Low Retro’ White & Black, also known as the ‘Killer Whale’ in the resale market, was traded for around 400,000 won, three times more than the launch price. However, it is now trading below its normal price.
On the ‘Nike’ official website, it is sold for 139,000 won, but on the representative resale platform ‘KREAM’, it has been traded in the 110,000-120,000 won range since the end of June.
‘Killer Whale’ is a product that received a lot of attention among domestic and overseas sneaker collectors until a year ago. According to a report released by the global resell platform ‘stock It is also the most traded product in ‘Cream’.
However, starting from the beginning of this year, the popularity of ‘Killer Whale’ began to wane. This is when Nike started releasing large quantities.
‘Killer Whale’, which was difficult to obtain even at a premium in the resale market, became easier to purchase through Nike’s official channel, reducing its scarcity. It has become a worthless product not only for collectors but also for resellers.
The industry that observed this analyzed it as a case of Nike punishing a resale transaction. It is interpreted that this was a measure to prevent consumer damage caused by wholesale purchases by resellers, excessive price increases, and long-term damage caused by an abnormal increase in used transactions.
At that time, Nike was releasing large quantities of stock to resolve inventory due to overproduction in 2022, and it is unclear whether this was punishment for reselling or a measure to clear accumulated inventory. However, Nike's strong response to the resell market had already begun before that.
Previously, Nike added a separate clause ‘no purchase for resale’ to its consumer terms and conditions in October last year. It was aimed at resellers for the purpose of resale, not for use, and the terms and conditions included a provision that returns or refunds would be refused if the product was determined to be a reseller, and it was also disclosed that the account would be suspended.
Photo = Nike homepage, Musinsa sold out
Chanel and Hermes ‘Resell’ not possible?… Fair Trade Commission “Disposal is at the buyer’s discretion”
*Source_JoongAng Ilbo Reporter Choi Seo-in
The Fair Trade Commission announced on the 29th that on November 29th, it reviewed the purchase terms and conditions of famous brand product websites ex officio and corrected 10 types of unfair terms and conditions. The ‘no resale’ clause is one of them.
‘Chanel Tech’ doesn’t work?… Fair Trade Commission corrects unfair brand terms and conditions
*Source_Yonhap News
As the MZ generation consumes luxury goods on the rise, ‘Resell Tech’ involves purchasing rare products and then reselling them for an additional premium.
In fact, the domestic resale market size, which was KRW 700 billion in 2021, is expected to grow to KRW 2.8 trillion in 2025. However, Chanel and Nike clearly stated in their website terms and conditions that if a customer purchases a product for resale purposes, they will be subject to disadvantages, such as cancellation of the contract and loss of membership.
The Fair Trade Commission determined that provisions that unconditionally restrict contracts with third parties after purchase are problematic under the Terms and Conditions Act. <Kim Dong-myeong / Head of Akkwan Special Transaction Division, Market Surveillance Department of the Fair Trade Commission> "We inspected the websites of famous brands and corrected provisions prohibiting resale to consumers, thereby protecting the rights of consumers who purchased and acquired ownership of the products...." The Fair Trade Commission also considered the clause stating that Chanel, Nike, and Hermes are exempt from liability regardless of the fault of the business operator as an unfair clause. In addition, the Fair Trade Commission also pointed out provisions that infringe copyright by using product reviews written by consumers without permission. During this investigation, brand operators voluntarily corrected the terms and conditions corresponding to 10 types. The Fair Trade Commission plans to continuously monitor unfair terms and conditions in new markets due to changes in consumption trends and strive to protect consumers' rights and interests.
#Resell Market #Resell #Reseller
Original source: Youth Foundation blog
Question 1. Do resellers not pay taxes?
Since repeated sales of products are recognized as business, resellers who earn income through reselling repeatedly rather than one-time must pay income tax and value-added tax.
Question 2. Is there anything I need to be careful about when purchasing a resale? Please also tell me how to make resale purchases wisely.
The biggest thing to watch out for is in case you get scammed or receive counterfeit products. In particular, as transactions are made easier through SNS, transaction safety is significantly lowering. When reselling, it is important to check the product and seller information carefully and use a safe transaction method. As the size of the resale market grows, resale platforms are emerging that facilitate direct transactions between sellers and buyers.
Question 3. I am curious about how to evaluate the investment value of something worth reselling.
Just because it is a luxury product does not necessarily mean that the price will increase when reselling, so you need to find out what kind of resale you want to purchase. As the value of whether or not you can have the item increases, you need to invest in products that are not easy to obtain even if you have the money, such as limited editions.
😉😜👌
ThreadUp, an American used clothing distribution company, announced that it predicts that the size of the resale market will grow from $28 billion (approximately 32 trillion won) in 2020 to $64 billion (approximately 74 trillion won) in 2035. ‘Resell Tech’ is growing rapidly as a new investment method. Based on what we learned today, we hope you will purchase safe resell and resell products.’
*Source_Electronic Newspaper etnew Reporter Min Kyeong-ha
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