• Carousell’s luxury bag category listings in Singapore have grown monthly by 71% over the past two years
• Carousell Certified Luxury programme has quadrupled its number of transactions since launching in 2023
• LuxLexicon is one of Singapore’s largest luxury bag reseller and authenticated luxury consignment platform of Hermès Birkin and Kelly handbags

2 April 2024, SINGAPORE — Carousell Group, leading multi-category platform for secondhand in Greater Southeast Asia, has acquired the business of Singapore’s leading luxury bag reseller and authenticated luxury consignment platform LuxLexicon to supercharge growth of Luxury, one of the Group’s largest categories, with an omnichannel strategy and expanded premium luxury offerings. 

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 well positioned 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% over the past two years. 

To further encourage more users to choose secondhand, the Group has launched programmes in 2023 to make buying and selling authenticated luxury bags more trusted and convenient. Carousell Certified Luxury, which allows users to buy authenticated luxury bags, has quadrupled transaction volumes since launch. While Sell to Carousell Luxury, which allows users to sell or consign their bags directly to Carousell, has more than doubled in leads. 

With the success of these programmes proving that consumers increasingly want a more trusted and convenient option for luxury bag resale, Carousell Group acquired the business and assets of LuxLexicon to further enhance its portfolio with their strong reputation, wide supply in premium luxury bag resale and consignment, and deep expertise in offline retail. The acquisition will also allow LuxLexicon to leverage Carousell Group’s expertise in online recommerce and overseas expansion for future growth. LuxLexicon will continue to be led by founder Mrs Florence Low and operate as its own brand, retaining its name, retail space, and team. 

“We are excited to partner with Florence and the LuxLexicon team to accelerate our ambition of creating the largest managed marketplace for authenticated secondhand luxury bags where users can buy and sell with trust and convenience. We originally met Florence to partner with LuxLexicon for our Carousell Certified Luxury programme. After conversations, we realised that we had a similar vision, and 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 Mr Marcus Tan, Co-founder, Carousell Group.

Mrs Florence Low, Founder, LuxLexicon said, “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. I am excited to further grow the brand with Carousell Group’s scale, investment and regional expertise in the coming years and beyond.”

Mr Tan said, “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, and we are thankful to have these founders not only continue to partner with us to drive our mission, but also lend their expertise to the wider Carousell Group’s businesses 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.”

This acquisition follows Carousell Group’s 2022 acquisition of Laku6, Indonesia’s electronics recommerce platform in Indonesia and REFASH, Singapore’s largest omnichannel fashion recommerce retailer. In 2023, Carousell Group launched Carousell Campus, its regional headquarters dedicated to advancing recommerce capabilities and housing its various Group brands under one location.   

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About Carousell Group 

Carousell Group is the leading multi-category platform for secondhand in Greater Southeast Asia on a mission to make secondhand the first choice. Founded in August 2012 in Singapore, the Group has a leading presence in seven markets under the brands Carousell, Carousell Media Group, Cho Tot, Laku6, LuxLexicon, Mudah.my, OneShift, REFASH and Revo Financial, serving tens of millions of monthly active users. Carousell is backed by leading investors including Telenor Group, Rakuten Ventures, Naver, STIC Investments, 500 Global and Peak XV Partners (formerly known as Sequoia Capital India). Visit here for more information.

About Carousell

Carousell is a multi-category classifieds and recommerce marketplace that makes selling as easy as taking a photo, buying as simple as chatting. Carousell is available in Singapore, Hong Kong, Indonesia, Malaysia, the Philippines and Taiwan. The Carousell marketplace has a diverse range of products across a variety of categories, including cars, lifestyle, gadgets and fashion accessories. To increase the trust and convenience in buying and selling secondhand, Carousell has launched recommerce programmes such as the Carousell Certified programme that allows users to buy secondhand items that have been inspected, and Sell to Carousell programme that allows users to sell directly to Carousell for instant cash. Download the app for iOS or Android, and visit www.carousell.com for more information.

About LuxLexicon

LuxLexicon is the leading luxury handbag reseller and authenticated luxury consignment platform in Singapore. Founded in 2016, LuxLexicon has one of the largest resale Hermès bag selection in Southeast Asia. Each item goes through a rigorous due diligence examination by their in-house authentication expert before being listed for sale. Visit http://www.luxlexicon.com for more information.