If you need any convincing that collecting sneakers has become a popular phenomenon in Malaysia, just look at the Sneakerlah convention that happened in September this year.
Judging by pictures of packed crowds at the event, Malaysia is home to a sizable community of shoe enthusiasts. And joining the local sneaker scene is CNCRD, an online platform designed to be a one-stop site to sell and buy shoes on the secondary market.
Alongside its online platform, CNCRD is ambitiously launching its physical showroom in Damansara Height, believing the hybrid shopping experience to be the way forward.
For sneakerheads, by a sneakerhead
Before founding CNCRD, 22-year-old CEO Ryan Ng had already dabbled in a few other sneaker-related businesses.
The entrepreneur believes that online consignment platforms for sellers and buyers are more scalable compared to direct buying and selling business models.
As such, his first two ventures were similar to CNCRD, dealing with the facilitation of reselling sneakers online. Other than that, Ryan also has experience running a physical storefront in a previous joint venture with two other entities.
“CNCRD is set out to be the most exciting [venture], reeling in five years of exposure, experiences, and resources in the industry to build a staple platform for sellers and buyers,” the founder shared.
Prior to that, though, Ryan barely knew anything about sneakers and was introduced to the community by college friends at the age of 18.
“There was a buzz amongst my friends about the Jordan 1 Nigel Sylvesters, and it was the first pair that sparked an interest to dig deeper into the scene,” he shared.
As time went on, though, Ryan grew more interested in the business side of things, having flipped his first pair of shoes and sold it to his best friend.
“It was a very ecstatic feeling that catapulted and snowballed to selling my first five, 10, 20 pairs of sneakers,” he explained.
Chasing that high, Ryan ultimately partnered with Bryan Ong, a friend of his, to create CNCRD in Q4 of 2021.
The business of reselling
Sneakers are speculative goods. This means that people typically purchase them hoping that they will become more valuable in the future—much like investments.
It’s because of this that sneaker resellers are able to turn a profit, and CNCRD wants in on that. In return, it’s providing these resellers convenience.
“Resellers working with CNCRD can focus more on getting the latest pairs of sneakers whilst leaving the selling to us,” Ryan explained. “We will handle everything logistically from their doorsteps all the way leading up to the sales and reimbursement of profits.”
“All they have to do is to list their sneakers for sale and track the status at the convenience of their phones or computers.”
Although CNCRD cannot protect its users from market volatility, the team believes it does its part by ensuring the authenticity of every product traded across the platform.
With its business model, CNCRD has raised its pre-seed round with angel investors.
Kicking off an offline presence
CNCRD’s brick-and-mortar showroom can be found at The Five, Damansara Heights, a location that Ryan believes is strategic as it’s located near an MRT station and is exposed to working crowds and university students.
Paired with the online site, the showroom aims to bring the “best of both worlds”—the scalability of technology to sellers, and the intimacy of a physical space to customers.
But CNCRD is not the only brand doing this. For instance, there’s Hype Vault, a streetwear and sneaker platform which also has an offline presence in Publika Shopping Gallery.
With that said, though, Hype Vault doesn’t seem to offer as much ease to sellers as CNCRD does. On Hype Vault, sellers will have to fill in a contact form, whereas CNCRD lets sellers look up the products they want to consign and register a seller account directly on its platform.
Sneakerlah is another strong competitor with an online marketplace that’s one of the more popular avenues for sneaker reselling and buying in Malaysia.
However, one could say that the sneaker community in Malaysia is sizable enough to support multiple local reseller platforms. Or perhaps, a certain one will prevail in time.
Rather than limiting its own online platform and physical showroom to just shoes, CNCRD aims to eventually position itself as a “tech conglomerate” that will venture into various other products such as apparel.
“The long-term plan for CNCRD is to be a one-stop platform for all things fashion and lifestyle as well as being a key player in the fashion marketplace,” Ryan shared.
Meanwhile, it also aims to increase brand awareness and capture more market share by providing an “ever-evolving efficient buying and selling experience” on its platform.
One way the company is doing this is via its app, which is set to release next year. Other than offering a catalogue of its products, CNCRD plans to include editorial content such as look books on the app.
At 22 years old, Ryan may be one of the youngest in this team, but it’s a team that he said believes in the vision of CNCRD. Leveraging the founder’s ambition and experience, CNCRD seems to already be carving out a space for itself within Malaysia’s robust sneaker scene.
Featured Image Credit: CNCRD