Praxis Capital Acquires Management Rights of Used Goods Market 'Bungaejangter'

Appointment of New CEO Jaehun Lee... Founder and Former CEO Wonkwi Jang to Support Growth as Vice Chairman of the Board

Jaehun Lee, New CEO of Bungaejangter

[Asia Economy Reporter Kim Cheol-hyun] Private equity firm Praxis Capital Partners announced on the 16th that it has acquired the management rights of the mobile secondhand marketplace 'Bungaejangter' and appointed former TMON CEO Lee Jae-hoo as the new CEO.

Praxis Capital secured management rights by purchasing shares from Bungaejangter founder and former CEO Jang Won-gwi and existing venture investors. The new CEO Lee and Praxis Capital also plan to raise additional investments for the growth of Bungaejangter.

This acquisition was made as Praxis Capital focused on the growth potential of the peer-to-peer market such as secondhand trading and Bungaejangter's competitiveness. The secondhand trading market, currently estimated at an annual scale of 15 trillion KRW, is analyzed to continue growing further due to changes in consumer trends. Bungaejangter not only surpassed 10 million members last year but also exceeded an annual transaction volume of 1 trillion KRW. It has also established a stable profit structure, recording operating profits for three consecutive years.

Lee Jae-hoo, the newly appointed CEO of Bungaejangter, is a professional manager who graduated from Seoul National University with a degree in Industrial Engineering and completed an MBA at Stanford University in the United States. He served as head of business strategy and store group leader at TMON before becoming CEO. Meanwhile, Jang Won-gwi, the founder of Bungaejangter who sold the management rights to Praxis Capital, will retain some shares and serve as vice chairman of the board to support Bungaejangter's growth.

Lee Kwan-hoon, CEO of Praxis Capital, said, "The lifestyle trend prioritizing usage over ownership and the value consumption tendency of purchasing based on personal values are likely to spread more widely, and the secondhand trading market will grow explosively," adding, "We acquired Bungaejangter because we judged it to be a place with both potential for customer growth and profitability." New CEO Lee Jae-hoo also expressed his ambition, saying, "We will do our utmost to discover the best secondhand products that customers can look forward to visiting every day and provide a much improved trading experience in terms of fast and safe transactions."

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