According to consulting firm McKinsey, we stand on the crux of a new dawn of eCommerce “Luxury 4.0”. Digital is a vital source of growth for the luxury industry and a powerful way to develop brand equity, nearly 80% of luxury sales today are digitally influenced and today, only 20% of luxury shoppers begin and end their customer journey without any contact with the web.
Since 2009, online sales of personal luxury goods have increased five-fold and in 2016, it accounted for 8% of the US$313 billion global luxury market. If growth figures continue to according to trends, online sales of luxury goods are expected to more than triple by 2025 to around US$92 billion. According to forecasts by Google and Temasek Holdings, the digital market for South-east Asia alone reached US$50 billion in 2017 and could exceed US$200 billion (all goods, not just luxury) by 2025.
Heart Media announces strategic partnership with Luxury Marketplace LUXIFY
Ever the trendsetter, today March 6 2018, Heart Media Group announces a strategic partnership and investment into LUXIFY, the world’s largest online luxury marketplace.
“This is a substantial turning point for us as we welcome Heart Media as a shareholder and strategic partner. The synergies with Heart Media are clear and this investment validates the strong growth LUXIFY has enjoyed over the past 5 years. This partnership will add great value to our dealers by providing a whole new affluent audience for their products.” – Alexis Zirah, CEO, LUXIFY.
A first mover in Asia, LUXIFY launched in 2013 has been a favorite destination for luxury enthusiasts and collectors, raising US$800,000 of venture funding in 2015. Considered by South China Morning Post as “an eBay for the super rich”, LUXIFY is an online marketplace with a global reach, connecting affluent buyers and established luxury dealers. From supercars to yachts, luxury watches, handbags, rare antiques, LUXIFY offers one of the Internet’s largest collections of luxury products and experiences for sale with an inventory worth more than US$ 160 billion.
“The strategic partnership and investment in LUXIFY is an important step for Heart Media. We look forward to exploring all possible synergies between LUXIFY and our Group. Through our premier events, online presence and database of affluent consumers, we are fully confident that we will further strengthen LUXIFY’s first mover advantage as the leading global luxury marketplace.” – Olivier Burlot, CEO, Heart Media Group
With Heart Media Group’s presence in several key Asian markets and a global footprint with LUXUO.com on the luxury online sphere, LUXIFY is set to further strengthen its positions across Asia and globally. This investment in LUXIFY by Heart Media further enlarges the digital portfolio of Asia’s leading luxury lifestyle media and event group. Heart Media’s strategic partnership with LUXIFY is a reflection of digital’s increasingly pivotal role in informing and educating consumers as well as providing access to direct purchases.
For more information: www.luxify.com
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