24A – Venture Concept No. 1

The opportunity for my business venture are individuals interested in fashion; especially K-fashion and cannot find an outlet where they can access and purchase trend related clothing items. Most of my opportunity are defined geographically outside of the country of South Korea and can range from teens to mid thirties. This opportunity is growing with the rise of Seoul Fashion Week, K-pop, K-dramas, and Korean celebrities that are gaining fame outside of the aforementioned country itself. This window of opportunity will be open for quite some time but I do think that it will be continuous because Korean fashion is constantly developing and will grow to be something larger than its title of “Korean” fashion. Currently, customers are satisfying this need by either buying their clothes directly in Korea, finding clothing items that can replicate the look from domestic brand companies, or paying high prices for Korean clothing brands that have a limited international outreach. And due to insufficient brands currently in the market, it is difficult for customers to stay loyal to one brand; especially due to high prices for non-brand labels.





My innovation is not life-changing, but it helps suffice a demand and need for clothing. My idea of creating an online Korean fashion mall for international shoppers stemmed from a personal struggle to buy clothes that fall under Korean fashion trends. It would help those interested in Korean fashion and those who are looking to buy clothes that fall under the trend by giving them an accessible platform to buy these clothes. MY Korean online fashion mall would be a platform that connects currently existing clothing brands in Korea to those residing outside of the country; in other words, the clothes would be given to my company in wholesale and my company then would sell them to the customers interested. While this may seem like a simple retail business, my company would be satisfying a need that has not been met even though Korean fashion has boomed; this is due to the lack of Korean businesses that reach out internationally and ship overseas as well. Many online Korean brands do not sell to overseas customers because of the lack of financial ability; due to the large amounts of businesses in the Korean market that are all trying to sell to a limited population. My idea would not only help those business expand to outside of the country but it would also help my target audience.