San Diego-based luxury resale platform Fashionphile, which specialises in pre-owned, ultra-luxury accessories, is expanding into business-to-business wholesale after acquiring Canadian pre-owned luxury omnichannel retailer LXRandCo. (LXR).
In a statement, Fashionphile said it has acquired the inventory, intellectual property assets, including domains, and other intangible assets of LXR Luxury Products International Inc., Groupe Global LXR Inc., and LXR Canada Inc., which are the operating subsidiaries of LXRandCO, Inc. The Montreal-based omnichannel retailer of authenticated, pre-owned luxury accessories filed for bankruptcy in Canada earlier this month.
LXR, which launched in 2010, curates, sources and authenticates high-quality, pre-owned products from luxury brands, such as Hermès, Louis Vuitton, Gucci, Prada and Chanel, and sells them directly to customers through their 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.
Fashionphile said the acquisition would facilitate its ability to “diversify its selling channels beyond direct-to-consumer, elevated circular retail experiences and clienteling and expand into B2B wholesale and new omnichannel operations”.
Ben Hemminger, co-founder and chief executive of Fashionphile, 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 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."