Resale e-commerce platform FASHIONPHILE has acquired certain assets of the operating subsidiaries of LXRandCO (LXR), a Canadian omnichannel retailer of authenticated, pre-owned luxury accessories.
As part of the deal, FASHIONPHILE will acquire the inventory and intellectual property assets, including domains and other intangible assets, of LXR Luxury Products, Groupe Global LXR and LXR Canada.
Based in Montreal, Canada, LXRandCo curates, sources and authenticates high-quality, pre-owned products from major brands such as Hermès, Gucci, PRADA, Chanel and Louis Vuitton.
The company indirectly offers products through its website by powering the e-commerce and other platforms of key channel partners.
The transaction comes after LXR companies filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada) earlier this month.
The acquisition will expand FASHIONPHILE’s selling channels beyond direct-to-consumer and improve its circular retail experiences and clientele.
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It will also expand FASHIONPHILE into B2B wholesale and new omnichannel operations.
Financial terms of the transaction have not been disclosed.
FASHIONPHILE co-founder and CEO Ben Hemminger said: “With this acquisition, we are excited to forge a new path in wholesale and provide trusted, authenticated, branded accessories to even more sectors of the growing second-hand market.
“LXR has been a pioneer and long-time leader in B2B wholesale within the pre-owned luxury space. As we aim to maintain our position as the most sought-after brand for buying and selling pre-owned, ultra-luxury accessories, it is paramount that we participate and invest in all possible retail channels that touch re-commerce in the modern retail landscape.”
The acquisition comes after FASHIONPHILE entered a partnership with Neiman Marcus Group in 2019 to become the luxury speciality retailer’s exclusive re-commerce partner.
Following the partnership, the resale e-commerce platform FASHIONPHILE has already opened ten Selling Studio locations inside Neiman Marcus stores.