Carousell Group, a prominent player in the Southeast Asian second-hand market platform, has strategically acquired LuxLexicon, a luxury bag reseller based in Singapore. This acquisition marks a significant step in Carousell’s effort to expand its presence in the high-end luxury goods sector, leveraging an omnichannel approach to provide a wider range of premium products.
The integration of LuxLexicon into Carousell’s portfolio is poised to boost the latter’s luxury category. LuxLexicon brings to Carousell a strong reputation as an authenticated luxury consignment platform, along with a robust supply of premium luxury bags and valuable insights into offline retail dynamics. Carousell plans to utilize these strengths to enhance its resale and consignment services for luxury bags, aiming to create a more diverse and rich consumer experience.
LuxLexicon, under this new arrangement, will continue its operations led by founder Florence Low, retaining its brand identity, physical retail space, and dedicated team. This continuity ensures that LuxLexicon’s established market presence and customer trust are preserved while gaining from Carousell’s extensive online re-commerce expertise and international market reach.
Marcus Tan, Carousell Group’s co-founder, expressed enthusiasm about the acquisition, emphasizing the synergy between Carousell’s digital prowess and LuxLexicon’s luxury market expertise. Tan highlighted the initial interactions with Florence Low and LuxLexicon during collaborations for Carousell’s Certified Luxury program, which eventually led to recognizing a mutual vision for expanding the luxury bag business across key Asian markets, including Southeast Asia, Hong Kong, and Taiwan.
This acquisition aligns with Carousell’s notable growth in the luxury resale market, particularly in Singapore where the platform has experienced a significant uptick in luxury bag listings, witnessing a 71% increase since 2022. The purchase of LuxLexicon follows Carousell’s strategic acquisitions in the past, such as Laku6, an electronics re-commerce platform in Indonesia, and REFASH, Singapore’s leading fashion re-commerce retailer.
In 2023, Carousell further committed to the luxury segment by launching programs designed to enhance the trust and convenience of transactions involving authenticated luxury bags. These initiatives are part of Carousell’s broader strategy to dominate the managed marketplace for authenticated second-hand luxury bags, offering a trusted and convenient platform for buying and selling premium goods.
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