Riding on the popularity of South Korean culture, Korean talent management agency KeyEast has formed a joint venture with Pandakorea.com to launch a new e-commerce site targeted at Chinese consumers.
The two companies will look to combine their expertise to take advantage of Korean pop culture’s considerable influence on Chinese shoppers. After a main character on the popular Korean drama My Love From the Star wore Jimmy Choo pumps, they quickly sold out in Shanghai and Beijing. This is one of many examples of the phenomenon, also known as Hallyu.
KeyEast brings to the table a high-profile roster of Korean actors, including Bae Yong-jun, Han Ye-seul, and Kim Soo-hyun, another main character in My Love From the Star, as well as TV dramas, films, and electronic games. The company has invested $2.99 million into the venture and will benefit from a “reliable distribution network in China,” reports Inside Retail Asia.
The joint venture will develop branded products featuring the Korean stars and will promote Korean TV dramas, video games, and movies in China.
“Pandakorea.com can be an example to show that small Korean companies are able enough to achieve success in the global market. Based on the agreement with one of the best star agencies in Korea, we will become a Korean version of Alibaba by providing popular Korean items featuring a variety of Korean celebrities to foreign consumers,” a company spokesman said.
Pandakorea.com, which sells Korean products outside of the country and launched in China in October, will gain the exclusive right to sell branded products from Kim Soo-hyun who is wildly popular in China.
image source: keyeast, pandakorea.com