South Korean online second-hand marketplace Bungae Jangteo merges with rival Sellit

Mobile second-hand market, Bungae Jangteo, and second-hand concierge service, Sellit, announced the merger of their two services. Quicket, the company that operates Bungae Jangteo, entered into a merger agreement with Sellit at the end of last month, and will complete the merger process by this October. The merger dictates that Quicket will merge with Sellit, which will be dissolved after the merger process.

These two companies actively deal with the rapidly changing global market. In order to expand their business, they plan to raise a large-scale investment by the first quarter of the next year. Even after the merger, these two organizations will run their businesses independently. First, they will integrate the resources that can generate immediate synergy, such resource sharing or running joint promotions.

Bungae Jangteo and Sellit will operate as separate platforms even after the merger. Bungae Jangteo is positioned as a mobile marketplace focusing on C2C trading, and Sellit is a mobile pre-sale or direct-sale platform for second-hand markets. They are in the same second-hand market industry but have different target customers and a different business model.

They plan to share the same office space in order to increase productivity and improve communication. Sellit will move to Quicket’s headquarters in Gurogu, Seoul, by November of this year.

Dae-Hyun Kim, CEO of Sellit, said, “If Bungae Jangteo is the strongest player in the mobile second-hand market, Sellit raised the security level of the second-hand market. We are confident that we will be able to launch a new service that will revolutionize the market by combining the proven business model and innovative DNA of Sellit and the strong user base and stable service operation know-how of Bungae Jangteo”.

Won-Kwi Jang, CEO of Quicket, said, “The merger of Sellit and Bungae Jangteo means the combination of two companies that have the highest domestic capacity in the C2C business. This is the core business sector in the mobile era. As a mobile C2C Company that leads the mobile business with commerce beyond the second-hand market, we plan to expand globally”.

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This article, entitled “South Korean online second-hand marketplace Bungae Jangteo merges with rival Sellit”, was written in Korean by Platum, edited by AllTechAsia.

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