In a tiny shop in the basement of a run-down mall in New York’s Chinatown district, down the escalators and past a couple of vacant shopfronts, a little old Chinese lady, Lam Xie is the face of Unique Hype Collection, a company run by her son Peter, that specialises in buying Supreme clothing and other limited products and reselling them with massive markups when the timing is right. He claims to have made seven figures a year for the last two years.
In an article for the New Yorker that was published online yesterday, David Shapiro writes:
Peter, who was born in Guangzhou, refers to himself as a “major flipper,” a businessman who will buy and resell, well, anything: “clothing, real estate, food, anything. Like, the day after Obama was elected, I got copies of the Daily News for fifty cents each. I bought every copy. Now they’re twenty dollars!” He adds, “I used to do green-tea Kit Kats. You could sell the bags for sixteen dollars each. There were only two stores in New York that had them, so I called the stores and told them I wanted to buy everything they had whenever they got the Kit Kats in.”
Read the the article here.
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