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Carousell Group acquires luxury handbag reseller LuxLexicon in bid to expand luxury segment of biz
The Carousell Group said that the acquisition is to "supercharge" the growth of its luxury segment.
SINGAPORE – Secondhand multi-category commerce platform Carousell Group has acquired luxury bag reseller and authenticated luxury consignment platform LuxLexicon.
In a statement on Tuesday (2 April), the Carousell Group said that the acquisition is to "supercharge" the growth of its luxury segment.
Founded in 2016, LuxLexicon has one of the largest resale Hermes bag selection in Southeast Asia. Items go through in-house examinations by authentication experts before being listed for sale.
"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 founder Mrs Florence Low and operate as its own brand, retaining its name, retail space, and team," Carousell said.
Research by RedSeer Strategy Consultants show that the total luxury resale market in Southeast Asia, Hong Kong and Taiwan combined is projected to grow to US$7.5 billion by 2026, the group said. It added that its own luxury bag category listings on Carousell, its online multi-category classifieds and recommerce marketplace, in Singapore has grown monthly by 71 per cent over the past two years.
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Growing authenticated secondhand luxury segment
To further encourage more users to choose secondhand, the group said it has launched programmes in 2023 to make buying and selling authenticated luxury bags more trusted and convenient.
Carousell Certified Luxury, which allows users to buy authenticated luxury bags, has quadrupled its transaction volumes since launch. Sell to Carousell Luxury, which allows users to sell or consign their bags directly to Carousell, has more than doubled in leads, the group added.
This acquisition follows the Carousell Group's 2022 acquisition of Laku6, Indonesia's electronics recommerce platform in Indonesia and REFASH, Singapore's largest omnichannel fashion recommerce retailer.
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