Bagging a deal
- 500-backed retail platform for the resale of luxury goods Luxclusif has been acquired by Farfetch, a luxury fashion retail firm. According to the article, this move is part of Farfetch’s goal to expand its footprint in the resale space. It is also eyeing technology leadership in the B2B resale space.
- Luxclusif will be parked under Farfetch Platform Solutions, a suite of commerce and retail tech solutions, to handle resale logistics for brand partners.
- A Farfetch representative said, “Because of the relationship we’ve had with Luxclusif over the past few years, we felt it was the right time to join forces and to really try to accelerate some of the services that, combined, we can make available for the industry.”
- “Much of the vision is to use the Luxclusif platform to operate a white-label proposition for brands and retailers. You can imagine the opportunity to replicate what we’re doing for Farfetch, but for brands directly,” he added.
- Read the full story on Yahoo!
Festive giving
- 500-backed secondhand marketplace Carousell has announced two charitable initiatives spanning the month of December: the #Blessings campaign and ‘Free Ads for Charities’.
- The startup partnered with the National Volunteer & Philanthropy Centre (NVPC) for its annual #Blessings campaign. Over 20 charities and non-profit organizations are listed on Carousell where donations can be made in the form of COVID-19 test kits, clothes, food, and even cash.
- “With every 1 in 3 Singaporeans using Carousell monthly, we are the perfect platform to connect charities with users,” said Ng Chee Soon, Managing Director of Carousell Singapore.
- Under its Free Ads for Charities initiative, the startup is offering over US$180,000 through an advertising support program to aid charities impacted by COVID-19.
- Read the full story here.
Supporting local
- 500-backed e-commerce startup Una Brands has committed to investing US$23.6 million in the next year to acquire Malaysian e-commerce brands and grow them into household names.
- According to Kiren Tanna, CEO and founder, the startup will offer an upfront lump sum and a cut of the profits to these firms.
- It aims to acquire businesses that focus on everyday consumer products in categories such as home and living, beauty and personal care, pets, babies, and sports.
- Since launching earlier this year, Una Brands has acquired over 20 firms. It claims that the earliest businesses have seen over 50% increase in sales and profits since their acquisition.
- Get the full article on Tech in Asia. A subscription may be required.
