Fashionphile Acquires Luxe Collective to Launch in the UK
Fashionphile has acquired Luxe Collective's IP and assets, expanding its presence into the European luxury resale market.
The US-based luxury resale platform acquired the intellectual property, customer database, and social media channels of the luxury British pre-loved marketplace Luxe Collective. This decision was made after Luxe Collective was forced to shut down due to a break-in at its warehouse, resulting in the theft of over 500,000 pounds in stock.
“This acquisition allows us to combine Luxe Collective’s cultural relevance and strong community with Fashionphile’s scale, technology, and authentication expertise.” - Ben Hemminger, co-founder and chief executive of Fashionphile
The deal enables Fashionphile to enter the UK and European markets, aligning with its strategy to become the “world’s most sought-after brand for buying and selling ultra-luxury accessories”.
Author's summary: Fashionphile expands into Europe with Luxe Collective acquisition.