Aucnet Collaborates with LePrix to Expand Luxury Global Auctions
AUCNET INC. (Head office: Minato-ku, Tokyo; Representative Director and President: Kiyotaka Fujisaki; hereafter “Aucnet”) has entered a business alliance with LePrix LLC. (Head office: VA, the U.S.; CEO & Co-founder: Elise Whang; hereafter “LePrix”), and over 500 LePrix resale store partners in the US offering authentic, pre-owned luxury and designer who will take part in Aucnet’s luxury brand auctions* launching on Tuesday, November 6.
LePrix is a rapidly growing startup in the luxury resale goods industry. It was established in 2014 and is the only tech-enabled platform that is bringing the $25B resale store industry online and into the 21st century. Over 500 designer resale companies utilize the platform and the average merchandise value of active items is approximately $80M. The most popular pre-owned luxury items selling on the platform include Chanel, Louis Vuitton, Hermes and Gucci.
Designer watches and vintage bags have grown in popularity in recent years and it is estimated that there are over 25,000 used resale fashion companies in the U.S. Some come to Japan every month to buy in-demand used designer items. Aucnet luxury brand auctions with LePrix will address the needs of resale businesses for used items in Japan by allowing them to participate in Aucnet’s luxury brand auctions, = expanding buying power of Aucnet’s online market.
Aucnet has also grown its buyer base in Hong Kong, Southeast Asia and the U.S., and rapidly grew the total amount of successful bidding by about 2.2 times, or 2.9 billion Yen (from 2018 January to 2018 June) compared to the same period in the previous year. Aucnet aims to expand the overseas bidding through this business alliance. In Singapore, Aucnet established a joint venture, SG e-Auction Pte. Ltd. in October 2017 and started the auction for pre-owned luxury companies in May 2018. Aucnet plans to operate the online platform which Singapore buyers can participate in Aucnet’s Japanese auction in the 2018 fiscal year. Aucnet is promoting the participation of ten ASEAN countries’ mainly focusing on buyers in Singapore. In the future Aucnet plans to exhibit its services from Hong Kong, Singapore and the U.S., and aim to a further develop in the global online market for B2B pre-owned luxury items by connecting Japan, Hong Kong, Singapore and the U.S.
*Aucnet B2B auctions of pre-owned luxury brand items started in Japan in 2008, and is one of the Japanese leading online markets with 1,545 members, 370,000 annual exhibits, and 8.9 billion Yen annual amount (2017 performance). Aucnet has approximately ten year’s deep expertise in the distribution of pre-owned luxury, designer items, which are supported by sophisticated processes and distribution of data focused on high “reliability of information” such as authentication, inspection, quality evaluation etc. carried out in auction systems and exhibition items cultivated in various fields.
Established: 1985 June 29 / TSE First Section March 2017 (Code: 3964)
Address: Aoyama OM Square, 5-8 Kita-Aoyama 2-chome, Minato-ku, Tokyo, Japan
President: Kiyotaka Fujisaki
Business: Information distribution support service by organizing and operating the Internet auctions
LePrix is the only technology-based platform bringing pre-owned, authentic luxury and designer vintage items from the best designer resale stores in the world online. LePrix is a B2B and B2C platform. Its B2C site offers an average of 70,000 active secondhand designer items daily, and the B2B wholesale channel allows resale businesses to buy and sell between each other through it’s LePrix Certified Boutique network.
Head office: Washington, DC; Base: NY, SF, LA.
Established: 2014 (2018 June, change the company name to LePrix）
Address: 2231 Crystal Dr Arlington, Virginia, 22202CEO：Elise Whang