Carousell Group, a multi-category platform for second-hand goods in southeast Asia, has acquired Singapore luxury bag reseller LuxLexicon.
The strategic move amplifies the growth of Carousell’s luxury category through an omnichannel strategy and an increased range of premium offerings.
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Carousell will leverage LuxLexicon’s reputation as an authenticated luxury consignment platform, its extensive premium luxury bag supply and its expertise in offline retail to bolster its luxury bag resale and consignment offerings.
LuxLexicon will benefit from Carousell’s expertise in online re-commerce and overseas expansion for future growth.
LuxLexicon will continue to operate under the leadership of founder Florence Low, and retain its brand identity, retail space and team.
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Carousell Group co-founder Marcus Tan said: “We are excited to partner with Florence and the LuxLexicon team to accelerate our ambition of creating the largest managed marketplace for authenticated second-hand luxury bags where users can buy and sell with trust and convenience.
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By GlobalData“We originally met Florence to partner with LuxLexicon for our Carousell Certified Luxury programme. 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 acquisition comes as Carousell witnesses significant organic growth in the luxury resale market, particularly in the luxury bag category in Singapore, which has seen an increase in listings of 71% since 2022.
In 2022, the company acquired Laku6, an electronics re-commerce platform in Indonesia, and REFASH, Singapore’s largest omnichannel fashion re-commerce retailer.
In 2023 it introduced programmes to enhance the trust and convenience of buying and selling authenticated luxury bags.
