Brich, an O2O service delivering the latest Korean fashion trends online, has secured an investment from Hana Financial Investment. The company was launched a year ago, and to date has raised US$860k (KRW 1b) from Hana Financial Investment and Mashup Angels.
The Brich team members include those from other e-commerce companies like, WeMakePrice, G Market and Qoo10 and bring with them experience and technical ability. Users of Brich’s service are able to inspect and verify trending fashion items at a fashion shop without physically visiting.
The latest fashion trends including those in Shinsa, Apgujung, Hannam, Samcheong and Hongdae from over 150 stores are accessible. For purchasing, Brich provides their O2O service which allows users to safely and efficiently transfer funds for purchase.
On the 20th December 2015, Brich in cooperation with 50 Gangnam outlets conducted a one day outlet event, ‘Brich Market, Gangnam 2015’. The event was successful in gaining wide industry attention, in particular that of JD.com, a large scale Chinese online shopping mall.
Lee Jin Wook from Brich commented, “Our commitment is in developing and providing a more complete service in the future. For our users, this means reducing their need to spend time in offline stores and providing a more convenient way to access quality fashion items”,
Lee Seung Ho from Hana Financial Investments commenting on the investment said, “Birch has a solid team that has proven the ability to produce growth. This type of channel shopping crossover market of a European boutique like store that is provided through O2O platforms has been valued in Britain to be over US$860 million (KRW 1 trillion)”.