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Hong Kong Luxury Marketplace Luxify Scoops Angel Investment to Boost Global Expansion
Upon the official release of its new website, Hong Kong-based luxury marketplace Luxify has announced that it raised US$$800,000 of seed funding from unnamed investors in Asia and Europe. With the financing, the company is looking to hire more staff and enhance its platform in Hong Kong, London and Singapore.
Luxify is a premier online marketplace for customers to buy and sell new, vintage, and pre-owned luxury items by connecting buyers to dealers, collectors, and sellers in local markets. Luxify offers features according to the needs of both buyers and sellers, both professional and hobbyist.
The new website adds new functions like “Make an Offer” which allows buyers and sellers of luxury goods to directly negotiate. They’ve also streamlined the communication tools and social media integration, and added a geolocation interface that identifies each store. At the moment, the service takes no commission from customers.
Professional retailers as well as private clients use Luxify to transact sales on a wide selection of luxury goods. Luxify offers goods in a range of pre-selected categories, including property, jewelry, motors, art, fashion, wine, travel destinations, jets & helicopters, luxury childrenswear, and more. The company claims to have over US$350 million worth of luxury products listed on the platform.
Product authenticity is of course the key concern for customers when purchasing luxury products. To better meet this, Luxify has also upgraded their complimentary concierge service to include authentication. This service also offers professional photography (using drones and helicopters to take aerial shots) and retouching services, and tailored marketing campaigns.
“The luxury market is extremely fragmented and there is no transparency for buyers to find out the true value of their pre-owned luxury goods. Currently, the limited distribution channels for both sellers and buyers are dominated by offline formats such as pawn shops, traditional auction houses, and specialized second hand boutiques,” says Luxify co-founder Alexis Zirah. “Our new website not only addresses these issues but greatly simplifies the buying and selling process.”
Luxify was founded by Florian Martigny and Alexis Zirah, two Hong Kong residents and businessmen, who were looking to create an online platform for the second-hand luxury market.
Image credit: Luxify
Editing by Mike Cormack (@bucketoftongues)