Blog > Marketplace News > Southeast Asian Second-Hand E-Commerce Platform Carousell Acquires LuxLexicon
Southeast Asian Second-Hand E-Commerce Platform Carousell Acquires LuxLexicon
Jayson 03 Apr 2024 08:51
It is reported that in order to further accelerate the business growth of luxury goods, Southeast Asia second-hand e-commerce platform Carousell announced the acquisition of the business of Singaporean luxury goods distributor LuxLexicon.
Carousell Group announced on April 2 that the luxury second-hand market in Southeast Asia, Hong Kong and Taiwan is expected to reach US$7.5 billion in 2026. The Group has also observed the same organic growth over the past few years, mainly driven by the Caro bag category.
Carousell acquires the business and assets of LuxLexicon as consumers increasingly seek more reliable and convenient options for the resale of luxury handbags. The group did not disclose the acquisition amount.
Carousell further strengthens the Group's business portfolio by leveraging LuxLexicon's strong reputation, wide source of high-end luxury handbag resale and consignment, and deep expertise in offline retail.
Carousell acquired Indonesian electronics resale platform Laku6 and Singaporean omnichannel fashion resale retailer REFASH in 2022.
The acquisition will not only enable LuxLexicon to leverage the Carousell platform's online resale knowledge, but also expand into overseas markets for future growth.
LuxLexicon will continue to operate under its own brand, retaining its name, retail space and team, and will continue to be led by founder Long Xiufeng.
Carousell Group announced on April 2 that the luxury second-hand market in Southeast Asia, Hong Kong and Taiwan is expected to reach US$7.5 billion in 2026. The Group has also observed the same organic growth over the past few years, mainly driven by the Caro bag category.
Carousell acquires the business and assets of LuxLexicon as consumers increasingly seek more reliable and convenient options for the resale of luxury handbags. The group did not disclose the acquisition amount.
Carousell further strengthens the Group's business portfolio by leveraging LuxLexicon's strong reputation, wide source of high-end luxury handbag resale and consignment, and deep expertise in offline retail.
Carousell acquired Indonesian electronics resale platform Laku6 and Singaporean omnichannel fashion resale retailer REFASH in 2022.
The acquisition will not only enable LuxLexicon to leverage the Carousell platform's online resale knowledge, but also expand into overseas markets for future growth.
LuxLexicon will continue to operate under its own brand, retaining its name, retail space and team, and will continue to be led by founder Long Xiufeng.
