29A – Venture Concept No. 2

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.


There are very limited competitors because many are domestic in Korea and have their main focus on the Korean market instead of the International market; making their international branch a lot weaker than my venture that will be based in America and targeted towards customers within America and other countries outside of Korea. Business location, shipping, and price points are the main roles in defining my business concept because those are the main reasons why and how my venture concept came to be in the first place.





My connection to the fashion market in Korea will make it difficult for other people to copy; also my ability to fluently speak, write and understand Korean and English will help me with communicating and being able to carry out business easily without a translator or help. I think the next venture for the current one is to expand into creating clothes under my own brand. Being a retail brand is the main goal, but I also think that having my company be a clothing brand in in of itself is a way to upgrade the brand. In five years with this venture, I still want to be working with it and not under someone else. I want to develop and grow this business in the next decade to where it can be a household name to people with interest in clothing and fashion. And even beyond that, I want my company to be known as the pioneer of Korean fashion clothing here in America and in other foreign countries.