Balaan is the fastest-growing luxury commerce platform in the market, solving the problems of Asia's massive KRW 150 trillion luxury goods market through supply chain innovation and IT integration. Through contracts with carefully selected domestic suppliers and overseas boutiques, Balaan distributes the widest variety of brand products in Korea, and its optimized distribution system delivers locally sold items to Korean customers within just three days.

Balaan CEO Choi Hyung-rok founded Balaan in 2015 after visiting luxury multi-brand boutiques in Europe and getting the idea to offer their affordable and diverse product selection as an online service in Korea. Despite active data-driven logistics innovation across the fashion industry as a whole, the luxury goods markets in Korea and broader Asia lacked precise data relative to their scale. Balaan capitalized on its ability to digitize the Korean luxury market — which, though smaller than China and Japan, is a trendsetter in fashion — to attract overseas luxury boutiques and brands to its platform.

Balaan plans to enhance the customer experience through an omni-channel combining online and offline touchpoints, provide integrated logistics services to domestic retailers, and revolutionize the entire value chain of Korea's luxury distribution market. Alongside this, the company is advancing its data and IT-driven e-commerce infrastructure and pursuing innovation across the full luxury shopping experience that customers seek — targeting a luxury lifestyle super app.

Balaan's transaction volume grew rapidly from KRW 25.7 billion in 2019, to KRW 53.3 billion in 2020, KRW 315 billion in 2021, and KRW 680 billion in 2022. The compound annual growth rate over the past four years stands at 127%. As of 2022, Balaan's market share in Korea's approximately KRW 1.5 trillion online luxury market is estimated at approximately 45%. In April 2023, Balaan raised KRW 25 billion in Series C investment, bringing its total cumulative investment to KRW 73.5 billion.