CHINA - Media OutReach - October 29, 2019 - My Fashion Republic Group, Australia's leading
online retailer of luxury products headquartered in Sydney, today announced
that it has signed a definitive agreement to acquire Luxify.com, Asia's leading online marketplace for luxury.
Luxify.com, launched in 2013 in Hong Kong, has
been the favourite destination for luxury in Asia, connecting luxury shoppers
in Asia with leading luxury brands and dealers around the world.
"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.
"This is a landmark day for Luxify. In just over five years,
Luxify has grown from a simple idea into one of Asia's leading luxury
marketplace. We have built a thriving community of luxury buyers in Asia,
offering them the Internet's largest online inventory of luxury products and
experiences from leading luxury brands and dealers exceeding US$ 80 billion in
value. 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.
Online luxury sales now accounts for more than 10% of all luxury
sales worldwide and the online channel is expected to grow significantly faster
than traditional channels to represent more than 25% of all luxury sales by
2025. Asia is and will remain the growth engine for luxury online. The
combined technologies of both companies including blockchain powered product
authentication technology will further address consumers' needs who are
increasingly shopping online for luxury goods or experiences.
"Luxify is now the online go-to destination for luxury enthusiasts
and collectors in Asia. Digital is happening quickly and forcefully in our
industry and we are excited to be part of My Fashion Republic Group as we share
a common vision of providing easy, safe and reliable access to the luxury
market." said Florian Martigny, Co-Founder of Luxify.com.
About MY FASHION REPUBLIC GROUP
MY FASHION REPUBLIC GROUP's vision is
to make luxury accessible. The company operates COSETTE.COM.AU, one of Australia's leading online retailers for luxury fashion and accessories as
well as a Duty Free flagship store in Australia offering a wide
selection of top
brands fashion items at discounted
prices. The company is also developing, TRUSTLUX, a cutting
edge blockchain powered product authentication technology and service platform
for the luxury industry.
Luxify is Asia's leading luxury marketplace.
Headquartered in Hong Kong, Luxify is Asia's go-to destination for luxury enthusiasts
and collectors. From supercars to luxury watches, handbags to rare antiques; on
Luxify, consumers can access one of the Internet's largest collections of
luxury products and experiences for sale from the finest luxury brands and
dealers around the world.