My Fashion Republic Group has bought Luxify
Australian online apparel retailer My Fashion Republic Group has bought Hong Kong-based online marketplace Luxify.
Launched in Hong Kong in 2013, Luxify was a Hong Kong’s first online marketplace to buy and sell luxury goods, focusing mainly on designer handbags, luxury watches and jewellery. More than 22,000 luxury dealers from all over the world are already using the marketplace.
CEO of My Fashion Republic Group, Pierre-Axel Paoli, says the acquisition of Luxify will strengthen the company’s position in the fast-growing online luxury market and accelerate its growth plans in Asia.
“In just over five years, Luxify has grown from a simple idea into one of Asia’s leading luxury marketplaces,” said Alexis Zirah, co-founder of Luxify.
We have built a thriving community of luxury buyers in Asia, offering them the internet’s largest online inventory of luxury products and experiences from leading luxury brands and dealers exceeding US$80 billion in value. The online luxury market in Asia is growing, but the rules of the game are changing rapidly.
“Joining My Fashion Republic Group’s eco-system will benefit our members by providing them with easier and safer access to leading luxury brands and services.”
Online makes up more than 10 per cent of worldwide luxury sales and is predicted to increase to 25 per cent by 2025. Asia will remain the growth engine for luxury online.
Co-founder of Luxify, Florian Martigny, said: “Luxify is now the online go-to destination for luxury enthusiasts and collectors in Asia. Digital is happening quickly and forcefully in our industry and we are excited to be part of My Fashion Republic Group as we share a common vision of providing easy, safe and reliable access to the luxury market.”
This story first appeared on sister site Inside Retail HK