Bunjang CEO Choi Jaehwa Presents Growth Solutions for 'Circular Luxury' at LIS

"The 'Amazon of Recommerce' Will Emerge from Asia"
Choi Jaehwa Highlights the Role of Tech-Driven Platforms
in Shaping the Future of the Circular Luxury Market

Bunjang announced on September 4 that CEO Choi Jaehwa participated as the representative panelist from Korea at the 7th Luxury Innovation Summit (LIS) held in Geneva, Switzerland, where he presented solutions to usher in a new era of growth in the luxury market through technology.

The Luxury Innovation Summit is a global forum where over 200 luxury experts, brand leaders, innovation technologists, tech startup founders, and academics gather annually to predict and discuss the future of the luxury business.

Jae-Hwa Choi, CEO of Bunjang, is speaking at the 7th Luxury Innovation Summit (LIS) held in Geneva, Switzerland. Bunjang

This year, the main topic was "Circular Luxury." Global leaders in the luxury industry who participated in the discussion noted that although the luxury market is facing stagnation, Millennials & Gen Z have emerged as major luxury consumers through social media, and the luxury resale market is growing 15 times faster than the traditional luxury market.

Choi stated, "As the recommerce market expands, the issue of authenticity versus counterfeits becomes inevitable. This can either pose a risk or present an opportunity for brand loyalty and trust." He added, "The introduction of flawless authentication technology will serve as infrastructure to preserve brand trust assets even in the rapidly growing circular luxury market." He particularly emphasized that tech-recommerce platforms, armed with technology and innovation, will play this role and become key drivers in expanding the next-generation luxury market.

He further said, "The most important factor in the recommerce market is trust," and "If the recommerce ecosystem grows based on trust, it will serve as a crucial gateway for younger generations experiencing luxury brands for the first time, allowing them to do so without burden, and later, as their purchasing power increases, to enter the primary market." He stressed that this "gateway role" is the key solution for luxury brands to secure future customers through recommerce and to drive overall market growth.

In conclusion, Choi stated, "Recommerce combined with technology will go beyond simple peer-to-peer secondhand trading and establish itself as a new pillar of the technology industry," adding, "The 'Amazon of recommerce' that will lead this change will emerge from Asia."

This content was produced with the assistance of AI translation services.