Grandeclip Chairman Kim Bongjin Personally Invests in Pre-Owned Luxury Platform 'Fapis'

"Repair and Resell" gains traction by boosting value through repairs
Exports to around 10 countries worldwide... opens first offline store

Fapis, a platform for repairing and selling pre-owned luxury goods on consignment, has secured investment from Kim Bong-jin, founder of Baedal Minjok and chairman of Grandeclip, and is expanding its offline presence.

On October 28, a representative of LRHR, the operator of Fapis, said, "We secured a new investment from Chairman Kim and opened our first flagship store, Fapis Nonhyeon, in Nonhyeon-dong, Gangnam-gu, Seoul." The investment amount was not disclosed.

Chairman Kim invested in a personal capacity. Fapis has previously secured investment from Smilegate Investment, BonAngels, Base Ventures, and SparkLabs, among others.

Fapis's flagship service, "Repair and Resell," is a consignment sales model that increases the value of pre-owned luxury goods that might otherwise be difficult to sell at their full value because of scratches or discoloration by having them professionally repaired first. Customers can upload photos to the app to receive repair estimates and projected selling prices. In particular, repair costs and commissions are deducted from the settlement amount after the item is sold, so customers do not have to pay upfront.

Interior view of the Fapis Nonhyeon branch in Nonhyeon-dong, Gangnam-gu, Seoul. Pre-owned luxury bags and watches that have been appraised and repaired are on display. Fapis

Usage is also growing rapidly. The platform currently receives around 10,000 sales applications per month. Transaction value in the third quarter of this year was three times that of the same period last year. Customers who have consigned two or more items account for 48% of the total.

Fapis is also accelerating its expansion into new markets. It has exported products to around 10 countries, including France, Germany, the United Kingdom, the United States, Japan, the United Arab Emirates (UAE), and Australia. The Nonhyeon store, which opened today, is an appointment-only location spanning about 100 pyeong. Its five consultation rooms offer one-stop appraisal, repair, and consignment consultations with experts on a one-on-one basis.

"Because pre-owned luxury goods are high-value items, the most important thing is whether customers can entrust them to us with confidence," said Kim Jeongmin, CEO of Fapis. "In addition to the convenience of our online platform, we will take the customer experience to the next level with an offline space where customers can sit down with experts and receive consultations on everything from appraisal and repair to sales."

This content was produced with the assistance of AI translation services.