|▲ Lounge. L / CEO Park Su-ho|
As more young people eye on luxury goods, the market seems to be heated up more than ever. Unlike in the past, young people today take high end items and brand values more than cost effectiveness when in shopping.
Yet, not all luxury goods are the same. When it comes to limited edition, the price jumps and even more when it comes to the limited edition that has been used. If the goods were used by celebrities, you might find it hard to buy though you are loaded with money.
A 10 year old used Hermes Himalayan Birkin was sold at a London auction at £162,500 ($198,700) in 2018 which then was sold at Christie’s at £230,000 in 2020.
Accurate appraisals and rational price
Nestled in Rodeo Drive, Apgujeong, Seoul, Lounge. L buys and sells used luxury goods such as Hermes and Chanel. Since its establishment in 2014, it has made a strong presence in the luxury goods market with accurate appraisals and rational price.
Here, you can see limited editions and new-like used goods from bags and clothes to jewels, belts and watches in a private area within the shop. Bags are displayed in transparent PVC bags to be protected from dirt and scratch.
Buying and selling can be customized and you can either sell or buy online or at the shop home and abroad.
Lounge. L CEO Park Su-ho says, “There is an atmosphere among young people that luxury goods are not only luxury but also an asset. Likewise, Lounge. L firmly believes that small difference makes a big value.”
If you are not sure what to buy, Lounge. L provides customized curation that finds you the right one you wish to buy and when to re-sell. It is important to read the market trend to buy and sell timely. Curators at Lounge. L are working in close contact with their clients based on data and customized curation.
Lounge. L exports USD 5M in 2020
“High end luxury items and limited editions need a big market to be bought and sold in a flow. In other words, the business must include overseas trade. We are currently working on Hong Kong and Singapore where royal families of South East Asian countries love to shop.” says CEO Park.
Park has frequently traveled to and pro Hong Kong and Singapore to find trade channels from the luxury goods re-seller shops. As a result, Lounge. L achieved USD 5M sales overseas last year. There has not a single mistake about the authenticity of a luxury item since the appraisal is done by a licensed appraiser and again by the Korea Association of Property Appraisers.
Each luxury item is hand-delivered by a staff member of Lounge. L. Lounge. L goes through appraisal first and pays the price in advance and then sell overseas which they call it a trust-cycle.
Target to be No.1 used luxury goods trader in the nation
Apart from online luxury goods stores, Lounge. L runs offline store in Apgujeong Seoul and in Jeongja Bundang. It plans to open a store in Daegu, Busan and Jeju in orderly manner.
Anticipating USD 10M export this year, Lounge. L targets to be No.1 used luxury goods trader in the nation.
“I think the re-sell market will only get bigger as the demand is increasing steadily. It is our goal to make Lounge. L the No.1 used luxury goods trader in the nation through our expertise and trust.” says Park.
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