Tag: balaan

balaan

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An image released by the Fair Trade Commission (FTC) [FTC]

Luxury platforms Must It, Trenbe, and Balaan penalized for violating advertising, e-commerce laws

The Fair Trade Commission (FTC) issued corrective orders and imposed a total of 12 million won ($8,460) in fines and 16 million won ($11,700) in penalties against three online luxury retail platforms for violations of advertising and e-commerce laws.

2025.4.20

Choi Hyung-rok, CEO of Balaan, attends the Seoul Bankruptcy Court in southern Seoul on April 3. [YONHAP]

Police investigate Balaan CEO for fraud

Police began an investigation Wednesday into Choi Hyung-rok, CEO of luxury goods e-commerce platform Balaan, after a group of sellers filed criminal complaints accusing him and two other company officials of fraud, embezzlement and breach of trust.

2025.4.9

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Troubled e-commerce platform Balaan CEO slapped with travel ban amid fraud allegations

Police have imposed a travel ban on Choi Hyung-rok, the CEO of luxury e-commerce platform Balaan, amid allegations of fraud and embezzlement.

2025.4.7

Balaan files for corporate rehabilitation after failing to pay sellers for week

Balaan files for corporate rehabilitation after accumulating $8.9 million in debt and halting purchases.

2025.3.31

Luxury retail e-commerce platform Balaan's website [SCREEN CAPTURE]

Balaan down after failing to pay vendors for week, claims money coming 'as soon as possible'

Luxury platform Balaan halts payments after a week of failing to pay vendors for week.

2025.3.30

E-commerce operator Balaan secures ￦25 billion in Series C funding

Balaan, operator of an e-commerce site specializing in luxury goods, announced Friday it raised 25 billion won ($17.5 million) in Series C funding from investors including Shinhan Capital.

2022.10.14

Park Won-beom, a luxury good appraiser at Koibito, examines a bracelet through a magnifying glass. [YOO JI-YOEN]

Appraisers appreciated as worries over faux luxury items rise

The business of authenticating luxury goods is growing as more high-end products are being sold and bought on a variety of platforms including online secondhand shopping malls.

2022.9.14

SSG.com will introduce used luxury goods on its online shopping mall in patnership with Bungaejangter. [SGG.COM]

Unloading those $10,000 used sneakers has never been easier

The online luxury market is starting to pay attention to used items. Resale of luxury goods is increasing and related services are growing and becoming more sophisticated.

2022.8.23

Over the past three years, a total of 1,151 cases were reported to the Consumer Counseling Center, according to the Korea Consumer Agency on Wednesday. [PIXARBAY]

Luxury marketplaces leave customers feeling shortchanged

The demand for high-end goods has been on the increase, leading in turn to growth in luxury online marketplaces. But such platforms are facing criticism for imposing high return fees and even selling fake items.

2022.8.15