The brand acquisition of Canada’s leading pre-owned luxury omnichannel retailer will facilitate FASHIONPHILE’s ability to expand into B2B wholesale and new omnichannel operations
SAN DIEGO, Nov. 10, 2023 /PRNewswire/ — FASHIONPHILE, the leading resale e-commerce platform in pre-owned, ultra-luxury accessories, announced today that 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. (collectively, the “Subject Companies”), which are the operating subsidiaries of LXRandCO, Inc. (“LXR”), the Montreal-based omnichannel retailer of authenticated, pre-owned luxury accessories. Earlier this month, the Subject Companies filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada).
Launched in 2010, LXR has curated, sourced and authenticated high-quality, pre-owned products from iconic brands, such as Hermès, Louis Vuitton, Gucci, Prada and Chanel, selling 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.
This brand acquisition will facilitate FASHIONPHILE’s 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.
“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.”
The transaction follows FASHIONPHILE entering a partnership with the Neiman Marcus Group in 2019 to become the luxury specialty retailer’s exclusive recommerce partner. FASHIONPHILE has since opened 10 Selling Studio locations inside Neiman Marcus stores across the country to provide a unique, first-of-its-kind circular service and elevate the luxury resale-retail experience.
Founded in 1999, FASHIONPHILE was the very first ultra-luxury re-commerce brand of its kind. More than 20 years later, the company has become the country’s largest resale platform for buying and selling ultra-luxury, pre-owned accessories including Chanel, Hermès, Gucci and Louis Vuitton.
Excelling in digital and omnichannel experiences as well as luxury in-person services, FASHIONPHILE is recognized for its never-ending inventory of the most coveted handbags and accessories, a direct buyout model and best-in-class authentication. Through proprietary, leading-edge technologies and the forging of strategic partnerships, FASHIONPHILE continues to accelerate the luxury lifecycle to a velocity unparalleled to anywhere else in the world. In 2019, FASHIONPHILE became the exclusive re-commerce partner of Neiman Marcus, and to date, has opened 10 FASHIONPHILE Selling Studio locations inside Neiman Marcus stores across the country, with new locations to come. For more information on FASHIONPHILE please visit: www.fashionphile.com and on Instagram @fashionphile.
Originally published at https://www.prnewswire.com/news-releases/fashionphile-acquires-lxrandco-inc-brand-301985112.html
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