Naver Cream Launches Luxury Secondhand Trading... "300% Compensation for Counterfeits"

[Asia Economy Reporter Seungjin Lee] Fab, a subsidiary of Cream, announced on the 17th the official launch of 'Sic,' a commerce platform that supports luxury goods transactions between individuals based on trust. Cream is a limited-edition resale platform spun off from Snow, a subsidiary of Naver.

Sic originated from the Naver cafe 'Sicment,' established in 2011 by CEO Jin-hyuk Ryu and actively operated to this day. Sicment currently has over 600,000 members and is the largest online community related to luxury goods, where peer-to-peer (C2C) transactions are already actively conducted.

While typical C2C platforms require phone number and bank account verification for sales, Sic requires users to complete verification of ▲phone number ▲bank account ▲credit card ▲ID card ▲fraud history through The Cheat before they can sell. This detailed multi-step verification unique to Sic was introduced through professional consultations with criminal and legal experts on fraud crimes to minimize fraud and enable safer luxury goods transactions between individuals.

Fab CEO Geon-ho Kim stated, “As a result of implementing a five-step verification system on Sicment, fraud incidents targeting sellers decreased by over 90%, showing significant results. By fully adopting the seller trust factors proven through accumulated sales data, we expect to enhance the trustworthiness that has been considered vulnerable in C2C transactions.”

Additionally, all transaction payments are transferred to the seller only after the buyer receives the product and confirms the purchase, blocking potential payment fraud that often occurs in peer-to-peer transactions.

For users who want more thorough inspection of traded products, a product inspection service is also provided through the in-house inspection center ‘SicLab.’

If a product purchased after passing SicLab inspection is determined to be counterfeit, the buyer will be compensated 300% of the purchase price. Even if the product did not go through SicLab, if a product sold through Sic is confirmed as counterfeit, the buyer will be compensated 200% of the product price.

CEO Kim said, “Sic is a platform where, in the process of peer-to-peer transactions involving high-priced luxury secondhand goods, everyone can trade safely based on verification of sellers and products rather than unconditional ‘trust’ in the trading partner. In the domestic secondhand luxury market, which has already grown to about 7 trillion won, Sic will provide value that differentiates it from other platforms.”