Bungaejangter Unveils 'Coalityx' Authentication Tech at Swiss Luxury Forum

Geneva, Switzerland: Bungaejangter Presents 'Tech Recommerce' Innovation at Global Luxury Forum In Geneva, Switzerland, the heart of the global luxury industry, South Korea's Bungaejangter garnered significant attention. CEO Choi Jae-hwa, attending the 7th Luxury Innovation Summit (LIS) as a representative panelist from South Korea, presented the explosive growth potential of recommerce in a stagnant luxury market, and specifically put forward new solutions for the era of 'Circular Luxury.' In 2024, the traditional luxury market faced a crisis, with more than half of luxury companies recording negative growth, but with the rise of the MZ generation, the luxury resale market is expanding at an astonishing 15 times faster rate. CEO Choi Jae-hwa emphasized that "as the recommerce market grows, distinguishing between genuine and counterfeit products becomes a key issue, directly linked to brand loyalty and trustworthiness." He further stated that Bungaejangter's unique inspection technology, 'Corelytics,' will be the foundation supporting brand trust in the circular luxury market. Bungaejangter has successfully built a trust-based business model through Corelytics. Corelytics, which accounts for 25% of Bungaejangter's annual gross merchandise value exceeding 1 billion euros (approximately 1.47 trillion KRW) from the luxury category, boasts 99.9% accuracy by combining physical inspection by luxury experts, scientific precision measurement, and AI analysis trained on hundreds of thousands of data points. In particular, its 'non-destructive analysis' method, which causes no product damage, further highlights its technological prowess. CEO Choi predicted that recommerce will allow young generations, who are new to luxury goods, to experience brands without burden, and in the long term, will serve as a 'gateway' to entering the primary market. This aligns with the remarks of Antonio Carriero, Chief Digital and Information Officer (CDIO) of Fossil Group, who stated that luxury brands should leverage technology-based recommerce as a core strategy, similar to 'certified pre-owned (CPO)' programs in the used car market. What is interesting is Bungaejangter's differentiated approach. Unlike other global companies that focus on product tracking technologies such as blockchain or NFT-based 'Digital Product Passports,' Bungaejangter garnered attention for specializing in technology that analyzes the inherent characteristics of the product itself to determine authenticity. CEO Choi Jae-hwa presented a strong vision for the future market, stating, "Recommerce, combined with technology, will establish itself as a pillar of the technology industry beyond simple peer-to-peer second-hand transactions, and companies leading this change will emerge from Asia." Through its inspection technology, Bungaejangter has set new standards of trust in the luxury recommerce market, proving the strength of Korean technology on the global stage.