Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Kim Min-jae's transfer poses potential marketing setback for Dunamu
Football players from the Italian football club SSC Napoli, including Korean defender Kim Min-jae, second from right, pose while wearing uniforms with the Upbit logo, Jan 3. Courtesy of Dunamu
By Lee Yeon-woo
By Lee Yeon-woo
Dunamu, the company operating Korea's leading crypto exchange Upbit, may face a potential marketing setback with the expected transfer of Korean football player Kim Min-jae away from SSC Napoli.
Earlier this year, Dunamu secured a substantial sponsorship deal with the Italian football club SSC Napoli, aiming for promotional benefits associated with the star Korean defender. It agreed to be the official partner of the club for both the 2022-2023 and 2023-2024 seasons, having its logo displayed prominently on the team uniforms and club billboard.
However, with Kim on the verge of completing his transfer to Bayern Munich in Germany, there's an increased possibility that the impact of this large sponsorship contract will be diminished after just half a year. Given the record-breaking performance of Napoli players last season while wearing Dunamu's sponsorship uniforms, the disappointment is expected to be heightened.
Although Dunamu holds a dominant market share of over 90 percent, public awareness outside of Korea lags behind that of large exchanges such as Binance. Therefore, the firm has been bolstering its promotional activities outside of Korea, including sponsoring SSC Napoli.
Nonetheless, Dunamu has stated that the sponsorship will continue irrespective of Kim's position. “We were not unaware of the possibility of a transfer when we signed the contract,” an official from the firm told The Korea Times.
“Thanks to SSC Napoli's outstanding performance this season, Upbit had a valuable opportunity to gain recognition from football fans worldwide. We plan to continue our support as Napoli's official partner for the 2023-2024 season, as originally planned.”