- Carousell Group acquires Singapore-based luxury bag reseller LuxLexicon.
- The acquisition leverages LuxLexicon’s expertise in luxury bag.
- Carousell aims to capitalize on the growing luxury resale market in Southeast Asia.
Carousell Group, a leading classifieds platform in Southeast Asia, has acquired LuxLexicon, a Singapore-based luxury bag reseller, to bolster its presence in the luxury segment.
The acquisition comes as the luxury resale sector in Southeast Asia, Hong Kong, and Taiwan is projected to reach a market value of US$7.5 billion by 2026, according to research from RedSeer Strategy Consultants.
Initiatives to enhance user experience
To make buying and selling luxury bags more reliable and user-friendly, Carousell launched two initiatives in 2023: the Carousell Certified Luxury program, which verifies the authenticity of high-end bags, and the Sell to Carousell Luxury service, which allows users to sell or consign their bags to Carousell.
Both initiatives have seen significant growth in transactions and interest, following the appointment of Gijs Verheijke, ex-CEO and founder of Singapore fashion platform Ox Street, as the head of Carousell’s luxury segment in January 2023.
Leveraging LuxLexicon’s expertise
By integrating LuxLexicon into its business, Carousell aims to leverage the company’s expertise in the luxury bag market, particularly in resale and consignment.
LuxLexicon will retain its brand and continue to operate independently under the leadership of founder Florence Low.
This acquisition follows Carousell’s previous acquisitions of Ox Street, Laku6, and Refash, as the company continues to expand its recommerce capabilities and consolidate its various brands through its newly established regional headquarters, Carousell Campus.
To read the original article: https://www.techinasia.com/carousell-doubles-luxury-luxlexicon-acquisition
