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Second-hand giants merge: Zhuanzhuan buys Hongbulin

Second-hand trading platform Zhuanzhuan has acquired second-hand fashion platform Hongbulin (Plum), it was announced on September 23. The two will be completely integrated to create synergies, with Hongbulin’s luxury goods authentication capabilities also being incorporated into Zhuanzhuan. Hongbulin’s founder, Xu Wei, will no longer serve as CEO and will transition to a consultant role for a period to assist with the strategic transition. The new CEO of Hongbulin will be Hu Weikun, co-founder and COO of Zhuanzhuan. Prior to the merger, Hongbulin had received a $100 million strategic investment from Zhuanzhuan in 2022.

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