Naver's Kream integrates with Japan's Soda

Naver Corp.'s subsidiary Kream, the South Korean limited-edition goods trading platform has decided to merge its operations with Japan's Soda Inc., the operator of the local largest limited-edition trading platform Sneaker Dunk (SNDK).

Kream announced on Wednesday that it has invested 97.6 billion won ($71.6 million) in Soda, securing a 43.6% stake, with plans to include Soda as a subsidiary by the first half of next year.

Soda, a Japanese startup that received investment from SoftBank's Vision Fund 2, launched the SNDK service in 2018. 

According to Kream's explanation, Soda became the dominant leader in Japan after acquiring Monokabu, the second-largest player in the Japanese market, in 2021.

Kream, a limited-edition trading platform launched by Naver's subsidiary Snow in 2020, became an independent entity in 2021 and is now Naver's subsidiary.

"With this investment, brands from both Korea and Japan that are listed on their platforms will effortlessly expand their customer base and create new opportunities," a Kream source said. "We are committed to providing enhanced services by combining the expertise each platform has accumulated."

Furthermore, the possibility of business expansion taking advantage of overseas bases in countries such as Thailand, Indonesia, Malaysia, and Singapore, which are held by each platform, is anticipated.

Even after being integrated as a subsidiary of Kream, Soda plans to maintain its existing management team and pursue a separate listing on the Japanese stock market. Yuta Uchiyama, the CEO of Soda, will join the board of directors of Kream to drive the global expansion of the integrated platform.

In addition, Kream announced that it has made an additional investment of $425,000 in Sasom Company, the operator of the limited-edition trading platform Sasom in Thailand. This marks Kream's third investment in Sasom Company, following investments of $73.4 million and $183.3 million in the previous two years.

Write to Eun-Yi Ko at koko@hankyung.com