User:Alansmithh/sandbox
| Type | Private |
|---|---|
| Industry | E-commerce |
| Founded | 2018 |
| Founders | Richard Xia Chris Xue |
| Headquarters | Singapore |
Area served | Asia-Pacific |
| Products | Sneakers, streetwear, collectibles |
| Services | Online marketplace, product authentication |
| Website | novelship |
Novelship is a Singapore-based online marketplace for sneakers, streetwear, and collectibles, founded in 2018 by Richard Xia and Chris Xue. The company operates an authentication-based resale platform across markets in the Asia-Pacific region.[1][2]
History
[edit]Novelship was founded in Singapore in 2018 by Richard Xia and Chris Xue. The platform was established to provide an authentication-based marketplace for limited-edition sneakers and streetwear in Asia, a market then dominated by informal resale channels.[1] In 2019, the company secured seed funding led by Global Founders Capital, and The Business Times reported on its early entry into a regional sneaker resale market then dominated by international platforms StockX and the China-based Poizon.[1]
By 2021, the company had expanded operations beyond Singapore into additional Asia-Pacific markets, operating multiple processing centres for product authentication.[2] In 2023, Novelship raised US$9.5 million in a Series B funding round led by East Ventures, iGlobe Partners, and GSR Ventures.[3]
Operations
[edit]Novelship operates as a marketplace connecting buyers and sellers, with sellers shipping items to a Novelship processing centre for authentication and condition inspection before forwarding to buyers.[2] The Business Times has characterised the platform's regional focus — including localised currency and customer service across its markets — as its primary point of differentiation from international competitors such as StockX and Poizon.[1]
The sneaker resale market in which Novelship operates has been described as a growing segment of the global fashion economy, with industry analysts projecting a market size of approximately US$30 billion globally by 2030.[4]
References
[edit]- 1 2 3 4 "Novelship in race to capture Asia's resale market for rare sneakers". The Business Times. 2019-09-19. Retrieved 2026-05-22.
- 1 2 3 Tee, Karen (2021-11-07). "Meet the 30-year-old streetwear entrepreneur trying to stamp out online fakes". CNA Luxury. Retrieved 2026-05-22.
- ↑ Ayamany, Keertan (2023-09-15). "Singapore sneaker marketplace Novelship bags $9.5m". Nikkei Asia. Retrieved 2026-05-22.
- ↑ "Emergence of the novelty sneaker resale industry". The Malaysian Reserve. 2021-12-15. Retrieved 2026-05-22.