Retail in Asia

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Carousell Group acquires Singapore luxury bag reseller LuxLexicon

Carousell Group has acquired Singapore’s LuxLexicon, a luxury bag reseller and authenticated luxury consignment platform, as the multi-category platform for secondhand looks to supercharge growth within its luxury segment.

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Financial terms of the deal were not disclosed. As part of deal, LuxLexicon will continue to be led by founder Florence Low and operate as its own brand, retaining its name, retail space, and team.

Singapore-based Carousell said the acquisition of LuxLexicon will enhance its portfolio, thanks to the luxury reseller’s strong reputation, wide supply in premium luxury bag resale and consignment, and expertise in offline retail. The acquisition will also allow LuxLexicon to leverage Carousell’s expertise in online recommerce and overseas expansion for future growth.

“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, which was launched in 2016 and has one of the largest resale Hermès bag selection in Southeast Asia.

“Additionally, we both see similar strong consumer demand for popular brands such as Hermès, Chanel and Louis Vuitton. 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.”

The total luxury resale market in Southeast Asia, Hong Kong and Taiwan combined is projected to grow to US$7.5 billion by 2026, based on research by RedSeer Strategy Consultants. Carousell Group said it has observed similar organic growth over the past few years, mainly organically driven by Carousell, where its luxury bag category listings in Singapore have grown monthly by 71 percent over the past two years.

“We are excited to partner with Florence and the LuxLexicon team to accelerate our ambition of creating the largest managed marketplace for authenticated secondhand luxury bags where users can buy and sell with trust and convenience,” said Marcus Tan, co-founder, Carousell Group.

“We originally met Florence to partner with LuxLexicon for our Carousell Certified Luxury programme. After conversations, we realised that we had a similar vision, and by joining forces with LuxLexicon’s expertise, we could help each other supercharge our luxury bag business in Southeast Asia, Hong Kong and Taiwan over the next few years.”

The LuxLexicon acquisition follows Carousell Group’s 2022 acquisition of Laku6, Indonesia’s electronics recommerce platform in Indonesia and Refash, Singapore’s largest omnichannel fashion recommerce retailer. In 2023, Carousell Group launched Carousell Campus, its regional headquarters dedicated to advancing recommerce capabilities and housing its various group brands under one location.