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Carousell targets luxury resale market with LuxLexicon acquisition

Carousell targets luxury resale market with LuxLexicon acquisition

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Multicategory platform for secondhand items Carousell has acquired the business and assets of LuxLexicon as it aims to supercharge the growth of its luxury category with an omnichannel strategy and expanded premium luxury offerings.

LuxLexicon is a Singapore-based luxury bag reseller and authenticated luxury consignment platform.

The acquisition will also allow LuxLexicon to leverage Carousell Group’s expertise in online recommerce and overseas expansion for future growth. LuxLexicon will continue to be led by its founder, Florence Low, and operate as its own brand, retaining its name, retail space, and team.

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The move was motivated by organic growth in the luxury resale market in Southeast Asia, Hong Kong and Taiwan which is projected to experience a combined growth to US$7.5 billion by 2026, based on research by RedSeer Strategy Consultants.

Carousell’s luxury bag listings in Singapore have also grown monthly by 71% over the past two years, according to statement by the company.

“LuxLexicon and Carousell Group share a common goal of providing a trusted and accessible platform for buying and selling authenticated luxury bags,” said Florence Low, founder, LuxLexicon.

“This acquisition allows us to offer more variety of bags and recommend interested consumers to each other. I am excited to further grow the brand with Carousell Group’s scale, investment and regional expertise in the coming years and beyond,” she added.

Carousell Group has been exploring the luxury resale market and launched programmes such as Carousell Certified Luxury in 2023 which allowed users to buy authenticated luxury bags and has quadrupled transaction volumes since launch. The Sell to Carousell Luxury programme also doubled in leads as it allowed users to sell or consign their bags directly to Carousell.

“We have been strengthening our recommerce foundations to drive our multi-category approach on our top growth categories,” said Marcus Tan, co-founder, Carousell Group.

“Part of these efforts were acquisitions for fashion, mobiles and autos over the years, and we are thankful to have these founders not only continue to partner with us to drive our mission, but also lend their expertise to the wider Carousell Group’s businesses over the years,” he explained.

The acquisition of LuxLexicon follows the group’s 2022 acquisition of Indonesian electronics recommerce platform Laku6 and Singaporean omnichannel fashion recommerce retailer REFASH.

“Beyond growing organically as a top priority, we will continue to seek acquisition opportunities with the right partners across our focus categories and markets to accelerate the future of secondhand in Greater Southeast Asia,” said Tan.

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