My Fashion Republic Group, Australia’s online retailer of luxury products headquartered in Sydney, announced that it has signed a definitive agreement to acquire Luxify.com, Asia’s online marketplace for luxury.
Luxify.com, launched in 2013 in Hong Kong, has been the favourite destination for luxury in Asia, connecting luxury shoppers in Asia with luxury brands and dealers around the world.
“As part of My Fashion Republic Group’s continuing expansion, the acquisition of Luxify.com strengthens our position in the fast growing online luxury sector and will accelerate our growth plans in Asia,” said Pierre-Axel Paoli, Co-Founder and CEO of My Fashion Republic Group.
“This is a landmark day for Luxify. In just over five years, Luxify has grown from a simple idea into one of Asia’s leading luxury marketplace. We have built a thriving community of luxury buyers in Asia, offering them the Internet’s largest online inventory of luxury products and experiences from leading luxury brands and dealers exceeding US$ 80 billion in value. The online luxury market in Asia is growing, but the rules of the game are changing rapidly. Joining My Fashion Republic Group’s eco-system will benefit our members by providing them with easier and safer access to leading luxury brands and services,” said Alexis Zirah, Co-Founder of Luxify.com.
Online luxury sales now accounts for more than 10% of all luxury sales worldwide and the online channel is expected to grow significantly faster than traditional channels to represent more than 25% of all luxury sales by 2025. Asia is and will remain the growth engine for luxury online. The combined technologies of both companies including blockchain powered product authentication technology will further address consumers’ needs who are increasingly shopping online for luxury goods or experiences.
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“Luxify is now the online go-to destination for luxury enthusiasts and collectors in Asia. Digital is happening quickly and forcefully in our industry and we are excited to be part of My Fashion Republic Group as we share a common vision of providing easy, safe and reliable access to the luxury market,” said Florian Martigny, Co-Founder of Luxify.com.