San Diego-based luxury resale platform Fashionphile, which specialises in pre-owned, ultra-luxury accessories, is expanding into B2B wholesale after acquiring Canadian pre-owned luxury omnichannel retailer LXRandCo.
The Montreal-based omnichannel retailer of authenticated, pre-owned luxury accessories filed for bankruptcy in Canada earlier this month. Fashionphile said in a statement 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., which are the operating subsidiaries of LXRandCO, Inc.
Established in 2010, LXR sources, curates, and authenticates premium pre-owned items from luxury labels like Chanel, Hermès, Louis Vuitton, Gucci, and Prada. They sell these products directly to consumers via their website and indirectly by supplying e-commerce and other platforms for important channel partners. They also engage in wholesale business with a few chosen retail partners in North America.
“Diversify its selling channels beyond direct-to-consumer, elevated circular retail experiences and clienteling and expand into B2B wholesale and new omnichannel operations,” according to Fashionphile, would be made easier by the acquisition.
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.”
