U.S. luxury accessories resale platform Fashionphile announced on Friday it has acquired LXR Luxury Products International, Groupe Global LXR, LXR Canada — the operating subsidiaries of LXRandCo.
As part of the deal, Fashionphile has obtained the inventory, intellectual property assets, including domains, and other intangible assets of LXRandCo., a Canadian omnichannel retailer of opre-owned luxury accessories, which filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada), earlier this month.
The acquisition will diversify Fashionphile’s selling channels beyond direct-to-consumer, circular retail experiences and clienteling, and see the San Diego-based platform expand into B2B wholesale and new omnichannel operations, according to a press release.
“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,” said Ben Hemminger, co-founder and CEO of Fashionphile.
“LXR has been a pioneer and longtime 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.”
Launched in 2010, LXR retails pre-owned products from an array of luxury brands, such as Hermès, Louis Vuitton, Gucci, Prada and Chanel, selling directly to customers through its website and indirectly by powering the e-commerce and other platforms of key channel partners, including wholesale activities with select retail partners across North America.
Founded in 1999, Fashionphile claims to be the first ultra-luxury re-commerce business of its kind. Since its inception, the company is one of the largest resale platform for buying and selling ultra-luxury, pre-owned accessories, in the U.S.
In 2019, Fashionphile announced a new partnership with the Neiman Marcus Group to become the luxury specialty retailer’s exclusive recommerce partner. Over the last four years, the platform has opened 10 Selling Studio locations inside Neiman Marcus stores across the country.
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