Ashurst advises Singapore-based unicorn Carousell on its acquisition of LuxLexicon's business

Global law firm Ashurst, together with its Singapore Formal Law Alliance Ashurst ADTLaw, represented Carousell on its acquisition of the business of LuxLexicon ("LuxLexicon"). Carousell is a Singapore-based unicorn and the leading multi-category platform for secondhand products in Greater Southeast Asia, serving tens of millions of monthly active users. LuxLexicon is one of Singapore’s largest luxury bag resellers.

With this acquisition, Carousell seeks to supercharge the growth of Luxury, one of its largest categories, with an omnichannel strategy and expanded premium luxury offerings. Carousell has observed similar organic growth in this space over the past few years, where its luxury bag category listings in Singapore have grown monthly by 71% over the past two years.

By integrating LuxLexicon into Carousell's business, Carousell aims to leverage LuxLexicon's expertise in the luxury bag market, particularly in resale and consignment. Following the transaction, LuxLexicon will continue to be led by its founder Florence Low. It will operate under its own brand and retain its retail space and team.

Ashurst ADTLaw associate director George Kho commented, "We are proud to continue to be a part of Carousell's growth strategy. Carousell is undoubtedly the leading multi-category platform for secondhand products in Greater Southeast Asia and our partnership with Carousell grows from strength to strength."

The transaction was led by George Kho, supported by Zheng Kai Chok and Christine Chang. Hoi Tak Leung advised on the digital economy aspects of the deal.