My Fashion Republic Group, a Sydney headquartered online retailer of luxury products accounted on 29 October 2019 that it has signed a definitive agreement to acquire Luxify.com, an online market place for luxury goods from Hong Kong. Launched in 2013, Luxify.com, has made its name as an established player in the Asian luxury goods market, connecting Asian shoppers with brands and dealers worldwide through its extensive online inventory.
This move will allow both companies to combine their technologies, including blockchain powered product authentication technology, to further address the needs of consumers who are increasingly shopping online for luxury goods or experiences. This is significant in a market where 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.
According to Pierre-Axel Paoli, Co-Founder and CEO of My Fashion Republic Group, this acquisition strengthens their position in the fast growing online luxury sector and will accelerate their growth plans in Asia.
According to Alexis Zirah, Co-Founder of Luxify.com, “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.”
Added Florian Martigny, Co-Founder of Luxify.com, “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.”