Supreme’s Store in South Korea!

Rumors abound that Supreme is poised to expand its presence into Asia with the launch of a new store in Seoul, South Korea. The speculations suggest that the store opening is anticipated to take place during the summer season, with the prime location being the illustrious Gangnam neighborhood of the city. A notable South Korean sneaker and streetwear community account, @le.syndrome, recently discovered a nearly completed 4-storey building in the renowned Apgujeong Rodeo Street. This location is highly regarded as an upscale shopping district in Gangnam, housing a diverse array of trendy and high-end brands, boutiques, cafes, and restaurants. According to the accounts, the store is rumored to open its doors on August 19, aiming to establish itself before the arrival of the Fall/Winter 2023 season. Should these speculations prove accurate, the Gangnam establishment will mark the streetwear powerhouse's 15th store globally. Moreover, it will signify Supreme's second venture into Asia, signifying the brand's entry into the South Korean market. 

Supreme Trivia

• Origin and Humble Beginnings: Supreme was founded in New York City in April 1994 by James Jebbia. The first Supreme store opened on Lafayette Street in downtown Manhattan, and the brand initially focused on skateboarding and streetwear culture.

• The Iconic Box Logo: One of Supreme's most recognizable features is its iconic box logo, which simply reads "Supreme" in white Futura Heavy Oblique font on a red background. This logo has become synonymous with the brand and is highly coveted by streetwear enthusiasts.

• Limited Releases and High Demand: Supreme is renowned for its limited-edition drops and collaborations with various artists, designers, and brands. These exclusive releases create a sense of urgency and high demand, often leading to long lines and quick sellouts within minutes of the items being available.

• Unexpected Collaborations: Supreme is known for its unexpected and unique collaborations. Over the years, the brand has teamed up with high-profile names like Louis Vuitton, Nike, The North Face, and even iconic artists like Damien Hirst and Jeff Koons, creating a blend of streetwear and high fashion.

• Pop Culture Influence: Supreme has had a significant impact on popular culture, extending beyond the realm of fashion. The brand's logo and products have been featured in various movies, TV shows, and music videos, solidifying its status as a cultural icon and a symbol of contemporary street style.

 

TikTok Launch Live Shopping in America

Social media giant TikTok continues to push itself forward as a leader in the industry with new features and tech each year. Now, its next move looks to be tapping into the growing market of live shopping. Prior ecommerce integration from the app has allowed businesses to create transactions with customers easier, however, this effort is taking things a step further.

 

The news of this next step in live shopping exploration comes as Facebook has announced its immediate shutdown of its platform. Previous efforts to introduce live shopping to TikTok have taken place in Asia and the UK with mixed results. As the brand now looks toward the US, the Financial Times reports that TikTok is in talks to outsource the platform’s integration with California-based TalkShopLive. Utilizing livestreams, fans are able to tune in to a live broadcast of products from brands and independent shops with real time shopping options. A deal has yet to be finalized with TalkShopLive, however, by outsourcing the technology’s development, the new feature may be available soon in the US. In other live shopping news, Hypebeast is making its debut on POPSHOP LIVE this week, featuring media personality and fashion influencer Bling as the host.

World’s Largest Cryptocurrency Bitcoin Drops To $31,000

The cryptocurrency market has continued its slide from last week, mirroring the fall of the broader stock market. The world’s largest cryptocurrency, bitcoin, fell to $31,075.70 on Monday evening, a 10% drop from Sunday at 5 p.m. EDT. Bitcoin’s price has fallen 54% from its record high of $67,802 in November. It is on track for the worst five-day stretch since the five days ended March 16, 2020, when it fell almost 38%. Ethereum, the second-largest cryptocurrency, fell Monday to $2,286.10, almost 10% below the price Sunday evening.

With more professional investors trading crypto, the market has increasingly moved in tandem with traditional markets. Many institutional investors that buy cryptocurrencies treat them as risk assets, similar to technology stocks. Investors tend to retreat to safer corners of the market during turbulent bouts. The stock market dropped last week the day after the Federal Reserve announced a rate increase of a half point, the biggest since 2000, to battle inflation. Fed Chairman Jerome Powell said there could be additional increases during the summer. The central bank is also unwinding some of its $9 trillion asset portfolio. The tech-heavy Nasdaq Composite hit a new 52-week low on Monday, falling 26% year to date. Crypto prices have been stagnant for much of 2022 as investors brace for rising interest rates. The crypto market has been active over the past 24 hours, with almost $155 billion in market volume in that period, according to CoinMarketCap. The global crypto market fell to $1.4 trillion. Cryptocurrency companies have been working to become household names. Flush with venture-capital investment, crypto platforms have been spending more cash on lobbying efforts and marketing directly to consumers. Inflation fears, worries about big interest rate hikes from the Federal Reserve and jitters about a possible economic slowdown have rattled Wall Street and sent bond yields skyrocketing. The 10-year Treasury bond yield is now hovering just above 3.1%, having more than doubled this year. Long-term bond yields are now at their highest level since November 2018. The surge in yields has also helped lift the value of the dollar, which tends tor rise in tandem with interest rates. The US Dollar Index is now trading near its highest level in twenty years. That's bad news for bitcoin too, as many crypto backers point to dollar weakness as a bullish sign for digital currencies. As rates (and the dollar) continue to climb, some crypto skeptics think the selling in bitcoin has only just begun. The Federal Reserve is starting to pull back on monthly bond purchases and other stimulus which could be bad news for all sorts of speculative assets. "The dramatic reversal of Fed liquidity ... will collapse the pandemic era bubble in crypto currencies, money losing tech companies and meme stocks," said Jay Hatfield, chief investment officer of Infrastructure Capital Management and manager of the InfraCap Equity Income ETF.