Novelship fills the gaps in the sneakers reseller market

It acts as an “gatekeeper” for authenticity and product condition.

Some people invest in art, others in jewellery, but to some fashion-minded youngsters, a pair of limited-edition sneakers is an investment they want to make. The demand is high even for the most expensive items, like the Kanye West x Louis Vuitton sneakers which go for US$30,000. Costing thousands of dollars, the problem for online buyers is to ensure they really are getting the genuine article, and not a knock off.

Stepping in to solve this issue is Novelship, which acts as a “gatekeeper” for authenticity and product condition, aiming to improve the trust between buyers and sellers. It is an online shopping platform for resellers of authentic sneakers and streetwear, where they check the quality and originality of all products before shipping them. They examine the logo placement, serial numbers, manufacturing codes and inside stitching of the product.

It also acts like an auction marketplace, where buyers can request for a product and state how much they are willing to pay for and purchase it at its lowest asking price. Sellers can also choose which price they want for the item. Buyers can expect packages to arrive seven to nine days after purchase confirmation.

“So far, we have handled over 3000 transactions and have received zero complaints from buyers that products were found to be fake,” said Chris Xue, co-founder and COO of Novelship. In August, Novelship raised $2.79m (US$2.05m) in a seed funding led by Global Founders Capital (GFC).

The startup plans to use the proceeds to install more payment options, such as instalments and non-card payments, and to give better fee structures for sellers.