Carousell Group buys Singaporean luxury resale platform LuxLexicon

(Source: supplied)

Southeast Asia’s secondhand retailing platform Carousell Group has acquired Singapore-based luxury resales company LuxLexicon to expand its premium offerings. 

The value of the deal has not yet been disclosed. 

LuxLexicon will continue to be led by its founder Florence Low and operate under its own brand, retaining its retail space, and team. The company was founded in 2016 as a luxury handbag reseller and authenticated luxury consignment platform of Hermes Birkin and Kelly handbags. 

“We originally met Florence to partner with LuxLexicon for our Carousell Certified Luxury program,” said Marcus Tan, co-founder of Carousell Group. “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.”

RedSeer Strategy Consultants estimate the luxury resale market in Southeast Asia, Hong Kong and Taiwan to reach US$7.5 billion by 2026. Tan said the group will continue to seek acquisition opportunities across its focus categories and markets to accelerate 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 of LuxLexicon.

“This acquisition allows us to offer more variety of bags and recommend interested consumers to each other.” 

The deal follows Carousell Group’s acquisitions of Indonesia’s electronics recommerce platform Laku6 and omnichannel fashion recommerce retailer Refash in 2022.

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.