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Nike Korea unveils policies banning resellers
Nike Korea introduced terms and conditions banning purchases made for the purpose of reselling effective from October.
The newly disclosed policies are drawing market attention since Nike sneakers shoes are now spearheading the reselling market.
In July, five days after the Air Force 1 series was made available by Nike in partnership with Louis Vuitton for a fixed price of 3.51 million won ($2,527), pairs were being resold on the local resale marketplace KREAM for about 14 million won.
Industry observers predicted that Nike's adjustment of terms and conditions would have a greater influence on the traders sweeping the inventory of Nike's well-known products rather than resale between individuals.
The updated terms and conditions indicate that returns or refunds will be refused and give Nike the right to cancel orders if they appear to have been made with the intention of reselling them.
The newest action by Nike Korea has resale sites on high alert. If Nike intensifies its crackdown, reselling businesses would be in jeopardy.