Luxify
Enables buying and selling pre-owned luxury items.
| Date | Investors | Amount | Round |
|---|---|---|---|
| N/A | €0.0 | round | |
| investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
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Established in Hong Kong in 2013 by Florian Martigny and Alexis Zirah, Luxify emerged to address a gap in the Asian market for a trustworthy online platform for trading luxury items. The founders identified the increasing influence of online channels on luxury purchases and aimed to create a more transparent and liquid market. The company operates as an online marketplace connecting affluent buyers with a global network of dealers offering both new and pre-owned luxury goods. Initially focusing on typical luxury items like handbags and jewelry, the platform expanded its categories to include supercars, yachts, aircraft, fine art, real estate, and fine wines. By March 2016, the platform boasted over 22,000 listings, creating a marketplace valued at US$18.6 billion.
Luxify secured an initial angel funding round from private investors in Asia and Europe to fuel its global expansion. In April 2015, it raised US$800,000 in a seed funding round. The business model provided an alternative to traditional auction houses and pawn shops, allowing private sellers to maintain control and anonymity. For a time, the company did not charge fees or commissions to its users. A key development in the company's history was its acquisition by the Australian online retailer, My Fashion Republic Group, in October 2019. This strategic move was intended to leverage combined technologies, including blockchain for product authentication, and strengthen its foothold in the rapidly growing online luxury market in Asia.
The platform serves a niche clientele, targeting high-net-worth individuals, primarily in the Asia Pacific region, a market that has surpassed North America in private wealth. Luxify facilitates transactions for a wide array of prestigious brands, providing a consolidated and accessible marketplace for both individual sellers and professional dealers. The company established offices in Singapore and London, along with local partners in Shanghai and Jakarta, to support its international operations. Over the years, Luxify formed strategic partnerships with entities like Landscope Christie's International Real Estate and Salcedo Auctions to broaden its service offerings and market reach. Keywords: luxury marketplace, pre-owned luxury, high-net-worth clients, online auction, luxury goods, asset exchange, collectibles, fine art, supercars, luxury real estate