Carousell Group, a multi-category platform for secondhand in Greater Southeast Asia, has acquired the business of Singapore’s luxury bag reseller and consignment platform LuxLexicon for an undisclosed sum.
The acquisition will help Carousell grow its ‘Luxury’ category with an omnichannel strategy and expanded premium luxury offerings. “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,” said Marcus Tan, co-founder of Carousell Group.
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LuxLexicon will leverage Carousell’s expertise in online recommerce and overseas expansion for future growth. “LuxLexicon and Carousell Group share a common goal of providing a trusted and accessible platform for buying and selling authenticated luxury bags. Additionally, we both see similar strong consumer demand for popular brands such as Hermès, CHANEL and Louis Vuitton. This acquisition allows us to offer more variety of bags and recommend interested consumers to each other,” added founder Florence Low, who will continue to lead LuxLexicon as a separate brand, retaining its name, retail space, and team.
Founded in 2019, LuxLexicon has one of the largest resale Hermès bag selections in Southeast Asia. Each item goes through a rigorous due diligence examination by their in-house authentication expert before being listed for sale.
Founded in 2012, Carousell is a recommerce marketplace with a diverse range of products across a variety of categories, including cars, lifestyle, gadgets and fashion accessories. Last year, Carousell launched programmes to make buying and selling authenticated luxury bags more trusted and convenient. The firm claims its Certified Luxury, which allows users to buy authenticated luxury bags, has quadrupled transaction volumes since its launch — while ‘Sell to Carousell Luxury’, which allows users to sell or consign their bags directly to Carousell, has more than doubled in leads.
Carousell is available in Singapore, Hong Kong, Indonesia, Malaysia, the Philippines and Taiwan.
The group is backed by investors, including Telenor Group, Rakuten Ventures, Naver, STIC Investments, 500 Global, and Peak XV Partners.
This acquisition follows Carousell Group’s 2022 acquisition of Laku6, an electronics recommerce platform in Indonesia, and REFASH, an omnichannel fashion recommerce retailer in Singapore.
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“We have been strengthening our recommerce foundations to drive our multi-category approach on our top growth categories. Part of these efforts were acquisitions for fashion, mobiles and autos over the years. Beyond growing organically as a top priority, we will continue to seek acquisition opportunities with the right partners across our focus categories and markets to accelerate the future of secondhand in Greater Southeast Asia,” added Tan.
The total luxury resale market in Southeast Asia, Hong Kong and Taiwan combined is projected to grow to US$7.5 billion by 2026, based on research by RedSeer Strategy Consultants. The Group has observed similar organic growth over the past few years and is set to cement its recommerce leadership. This is mainly organically driven by Carousell where its luxury bag category listings in Singapore have grown monthly by 71 per cent over the past two years.
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