South Korea’s retailers pour investment to secondhand marketplaces

The used goods market has seen rapid growth in the past decade.

South Korea’s major retailers have been making a string of investments in secondhand marketplace platforms, Korea Bizwire reported.

Bungaejangter, the operator of the country’s first secondhand transactions app, recently attracted an investment of $68.9m (KRW82b), with Shinsegae Group participating as a new investor through a venture capital firm that was established in July 2020.

Lotte Shopping also participated as a financial investor when a private equity fund established by Eugene Asset Management acquired a 95% stake in secondhand marketplace platform Joonggonara for $96.46m (KRW115b) last year. Lotte Shopping invested about $16.77m (KRW20b).

The major retailers’ aggressive investment in used goods platforms has been attributed to the growth potential of the market, with the size of the nation’s used goods market shooting up in the past decade, based on data from the Hana Financial Management Research Institute.

Follow the link s for more news on

Bungaejangter

Lotte

Also Read

Omnichannel retail is the path to profit

8 in 10 SEA SMEs expect sales growth during festive season

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit