Tried and trusted

• Luxury shoppers have more reasons to buy on 500-backed recommerce platform Carousell. The company just acquired LuxLexicon, a leading reseller of luxury bags, to offer a wider selection of authenticated premium luxury resale products to give peace of mind to customers.
• This move comes as the company sees a surge in high-end bag listings, with an increase of 71% per month over the last two years. This enhanced focus may help take Carousell closer to their goal of growing their users by 10x.
• Carousell launched 2 initiatives in 2023 to meet this appetite for luxury goods: the Carousell Certified Luxury program, which verifies the authenticity of high-end bags; and the Sell to Carousell Luxury service, which allows users to sell or consign their bags to Carousell.
• “Our ambition is to create the largest managed marketplace for authenticated second-hand luxury bags where users can buy and sell with trust and convenience,” Co-founder Marcus Tan shared.
• He revealed that they will continue to seek suitable acquisition opportunities with the right partners that can help Carousell make buying and selling secondhand items more trusted and convenient in recommerce.
• Read the full story on The Straits Times.