FASHIONPHILE, a leading e-commerce platform specializing in pre-owned, ultra-luxury accessories, has announced its acquisition of LXRandCo, Inc. and its operating subsidiaries, LXR Luxury Products International Inc., Groupe Global LXR Inc., and LXR Canada Inc. This news comes on the heels of the Subject Companies' recent filing of a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada).
"With this acquisition, we are excited to forge a new path in wholesale and provide trusted, authenticated, branded accessories to even more sectors of the growing second-hand market," said Ben Hemminger, co-founder and CEO of FASHIONPHILE. "LXR has been a pioneer and longtime leader in B2B wholesale within the pre-owned luxury space. As we aim to maintain our position as the most sought-after brand for buying and selling pre-owned, ultra-luxury accessories, it is paramount that we participate and invest in all possible retail channels that touch re-commerce in the modern retail landscape."
Founded in 2010, Montreal-based LXRandCo, Inc. has carved a niche as Canada's leading omnichannel retailer of authenticated, pre-owned luxury accessories. The company has built a reputation for curating, sourcing, and authenticating high-quality products from iconic brands such as Hermès, Louis Vuitton, Gucci, Prada, and Chanel. LXR has been selling these coveted items directly to customers via their website and indirectly through key channel partners, including select retail partners across North America.
FASHIONPHILE's acquisition of LXR's inventory and intellectual property assets, including domains and other intangible assets, marks a strategic expansion of its business model. This move will enable FASHIONPHILE to diversify its selling channels beyond direct-to-consumer and elevate its circular retail experiences and clienteling. More importantly, it paves the way for FASHIONPHILE to venture into B2B wholesale and new omnichannel operations.
The transaction follows LXRandCo, Inc. announced on October 6th, 2023, that each of its Canadian operating subsidiaries, LXR Luxury Products International Inc., Groupe Global LXR Inc., and LXR Canada Inc. have each filed a Notice of Intention to Make a Proposal pursuant to the Bankruptcy and Insolvency Act (Canada), in order to consider and effect, among other things, a sale of all or substantially all of their assets, in consultation with their bank lenders.
