FASHIONPHILE Acquires LXRandCo, Inc. Brand
SAN DIEGO, Nov. 10, 2023 /PRNewswire/ -- FASHIONPHILE, the leading resale e-commerce platform in pre-owned, ultra-luxury accessories, announced today that it has acquired the inventory, intellectual property assets, including domains, and other intangible assets of LXR Luxury Products International Inc., Groupe Global LXR Inc., and LXR Canada Inc. (collectively, the "Subject Companies"), which are the operating subsidiaries of LXRandCO, Inc. ("LXR"), the Montreal-based omnichannel retailer of authenticated, pre-owned luxury accessories. Earlier this month, the Subject Companies filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada).
- Earlier this month, the Subject Companies filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada).
- This brand acquisition will facilitate FASHIONPHILE's ability to diversify its selling channels beyond direct-to-consumer, elevated circular retail experiences and clienteling and expand into B2B wholesale and new omnichannel operations.
- The transaction follows FASHIONPHILE entering a partnership with the Neiman Marcus Group in 2019 to become the luxury specialty retailer's exclusive recommerce partner.
- FASHIONPHILE has since opened 10 Selling Studio locations inside Neiman Marcus stores across the country to provide a unique, first-of-its-kind circular service and elevate the luxury resale-retail experience.