Fabis raises Series A extension to make Korea a used-luxury export hub
What's the deal? FabisDealroom has a profile for this one. Try Dealroom →, a global second-hand luxury platform, has raised a Series A extension round led by Smilegate InvestmentDealroom has a profile for this one. Try Dealroom →, with global accelerator SparkLabs KoreaDealroom has a profile for this one. Try Dealroom → also joining.
It marks Smilegate's third follow-on investment in the startup.
Fabis differs from typical resale platforms with its "fix and sell" model. It restores used luxury goods to top condition through professional repair, then sells them on consignment.
The approach aims to give sellers higher returns and buyers quality products at fair prices.
Why now? The global second-hand luxury market is worth about €50 billion a year and growing faster than the market for new goods. Online resale platforms are expanding 20% to 30% annually.
Supply has long relied on Japan, but rising prices there are pushing the industry to find new sources.
Fabis wants Korea to be that source. It sources goods locally and exports to Europe, Japan, the Middle East, and the US, positioning the country as a supply hub rather than just a consumer market.
An AI operating system underpins the plan: sellers upload one photo, and the system calculates market price, value, and expected returns after repair.
Automating appraisal and pricing lets Fabis scale without costs rising in step with volume.
What could go wrong? The "fix and sell" model depends on inventory and repair capacity. Monthly sale applications now top 5,000, and growing stock feeds export volume.
Managing that supply chain across multiple regions remains a challenge as the company scales globally.
The signal: Smilegate's third consecutive follow-on into the early-stage startup, alongside accelerator SparkLabs, signals conviction in Fabis's "fix and sell" moat as online resale platforms grow 20% to 30% a year — well ahead of the roughly €50 billion second-hand luxury market overall. The bet hinges on whether Korea can displace Japan as the industry's supply base amid rising prices there.
Read more: mk.co.kr
