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Carousell Group, a multi-category platform for secondhand in Larger Southeast Asia, has acquired the enterprise of Singapore’s luxurious bag reseller and consignment platform LuxLexicon for an undisclosed sum.
The acquisition will assist Carousell develop its ‘Luxurious’ class with an omnichannel technique and expanded premium luxurious choices. “By becoming a member of forces with LuxLexicon’s experience, we might assist one another supercharge our luxurious bag enterprise in Southeast Asia, Hong Kong and Taiwan over the subsequent few years,” mentioned Marcus Tan, co-founder of Carousell Group.
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LuxLexicon will leverage Carousell’s experience in on-line recommerce and abroad enlargement for future development. “LuxLexicon and Carousell Group share a standard objective of offering a trusted and accessible platform for getting and promoting authenticated luxurious luggage. Moreover, we each see related sturdy shopper demand for common manufacturers comparable to Hermès, CHANEL and Louis Vuitton. This acquisition permits us to supply extra number of luggage and advocate customers to one another,” added founder Florence Low, who will proceed to guide LuxLexicon as a separate model, retaining its title, retail house, and crew.
Based in 2019, LuxLexicon has one of many largest resale Hermès bag alternatives in Southeast Asia. Every merchandise goes by a rigorous due diligence examination by their in-house authentication professional earlier than being listed on the market.
Based in 2012, Carousell is a recommerce market with a various vary of merchandise throughout a wide range of classes, together with automobiles, way of life, devices and style equipment. Final yr, Carousell launched programmes to make shopping for and promoting authenticated luxurious luggage extra trusted and handy. The agency claims its Licensed Luxurious, which permits customers to purchase authenticated luxurious luggage, has quadrupled transaction volumes since its launch — whereas ‘Promote to Carousell Luxurious’, which permits customers to promote or consign their luggage on to Carousell, has greater than doubled in leads.
Carousell is out there in Singapore, Hong Kong, Indonesia, Malaysia, the Philippines and Taiwan.
The group is backed by buyers, together with Telenor Group, Rakuten Ventures, Naver, STIC Investments, 500 World, and Peak XV Companions.
This acquisition follows Carousell Group’s 2022 acquisition of Laku6, an electronics recommerce platform in Indonesia, and REFASH, an omnichannel style recommerce retailer in Singapore.
Additionally Learn: Carousell acquires Ox Road to double down on its re-commerce efforts in Larger SEA
“We’ve been strengthening our recommerce foundations to drive our multi-category method on our prime development classes. A part of these efforts had been acquisitions for style, mobiles and autos through the years. Past rising organically as a prime precedence, we’ll proceed to hunt acquisition alternatives with the correct companions throughout our focus classes and markets to speed up the way forward for secondhand in Larger Southeast Asia,” added Tan.
The overall luxurious resale market in Southeast Asia, Hong Kong and Taiwan mixed is projected to develop to US$7.5 billion by 2026, primarily based on analysis by RedSeer Technique Consultants. The Group has noticed related natural development over the previous few years and is about to cement its recommerce management. That is primarily organically pushed by Carousell the place its luxurious bag class listings in Singapore have grown month-to-month by 71 per cent over the previous two years.
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