Financial details of the acquisition were not disclosed. Luxify, founded in 2014 by Alexis Zirah and Florian Martigny, has raised a total of $800,000 in funding over two rounds backed by magazines and digital media group Heart Media.
Headquartered in Hong Kong, Luxify prides itself as Asia’s go-to destination for luxury enthusiasts and collectors. The site features supercars, luxury watches, handbags, rare antiques, jewelry, and more.
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The acquisition comes as online luxury sales now account for more than 10 per cent of all luxury sales worldwide. Additionally, online channel is expected to grow significantly faster than traditional channels to represent more than 25 per cent of all luxury sales by 2025.
Asia is and will remain the growth engine for luxury online, according to a joint statement released by Luxify.com and My Fashion Republic.
“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,” said Alexis Zirah, Co-Founder of Luxify.com.
On its website, Luxify said its marketplace it being rebuilt following the acquisition. It assured its users that the site will remain a unique marketplace for buying and selling luxury goods from top brands.
“We will continue to provide a unique online marketplace for new, vintage, and pre-owned luxury goods,” the company said.
Over 22,000 luxury dealers from all over the world are already using the marketplace operated by Luxify, which has offices in Sydney, Singapore, and London.
The buyer, My Fashion Republic Group, operates one of Australia’s leading online retailers for luxury fashion and accessories as we as a Duty Free flagship store.
“As part of My Fashion Republic Group’s continuing expansion, the acquisition of Luxify.com strengthens our position in the fast-growing online luxury sector and will accelerate our growth plans in Asia,” said Pierre-Axel Paoli, Co-Founder and CEO of My Fashion Republic Group.