Fashionphile Acquires Luxe Collective
Fashionphile has acquired Luxe Collective's IP and assets to launch in the UK, expanding its presence in 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, which shut down earlier this year after a break-in at its warehouse resulted 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 is part of Fashionphile's strategy to become the “world’s most sought-after brand for buying and selling ultra-luxury accessories”.
Author's summary: Fashionphile expands to the UK market.