LePrix Launches Wholesale Auction for the Designer Resale Industry

by

LePrix tries to monetize and offer wholesale from one consignment store to another.

Updated: Below is the press release that LePrix put out today offering the stores on their platform to shop “wholesale” for luxury goods and while this is great news for the stores on their platform, the process is kind of hard to get through but it works like this. Aucnet is an auction company based out of Japan and you bid on items you would like to purchase like handbags and accessories. I know people think that they can grab an amazing deal this way and you may be able to to but you are up against all the companies attending the auctions live so you have competition. If you happen to win the auction, then you’ll receive an email with your winning bid. Yay! Hold on. It’s still going to take a couple of weeks to receive your items as they are coming from Japan and shipping takes awhile. Oh yea, you’re paying for shipping too!

Washington, DC, November 06, 2018 –(PR.com)– LePrix, the leading e-commerce platform connecting online shoppers with over 500 designer consignment stores around the world, has launched the first business-to-business (B2B) online wholesale auction marketplace called the LePrix Wholesale Auction. LePrix, a technology-enabled marketplace platform for secondhand designer consignment and vintage boutiques, has amassed the largest combined collection of pre-owned, authentic designer handbags including Chanel, Louis Vuitton, Hermes and Gucci in the resale industry.


According Elise Whang, co-founder and CEO of LePrix, the resale of fashion industry is $25B and is projected to double in the next five years as recently. The secondhand online sales are expected to grow 24x faster than retail as millennials look for more sustainable shopping habits. Brick-and-mortar resale stores are growing at 8% annually in the U.S. and are working with platforms like LePrix to keep pace with the growth of online sales of secondhand items. There are over 12,000 resale businesses in the United States that sell used designer clothing, bags and accessories and 40,000 globally.

As a result of partnering with hundreds of designer resale and vintage stores, LePrix’s wholesale channel is able to provide pre-verified resale businesses access to sell and purchase authentic secondhand designer items from other resale businesses online at deeply-discounted prices. Resale stores can now streamline inventory efficiency and expand their sales in-store and online on LePrix.

“The wholesale business started organically from our network of store partners who started to liquidate and buy from each other on LePrix.com,” says Whang. “We found out that many of our partners were traveling outside their local area and sometimes internationally to source more inventory for their consignment store. So we thought, why not make this process more efficient with our platform. It’s a win-win for the entire industry.”

The LePrix Wholesale Auction only allows licensed resale businesses to place bids on secondhand designer products from other resale businesses including designer resale stores and auction houses located in the U.S. and abroad. The company pre-verifies each secondhand wholesale seller which includes requiring best-in-class authentication processes and guarantees on authenticity. Each auction usually lasts for only three days. Each month, there are over 50,000 units of inventory (or $50MM in merchandise value) available for wholesale purchase. The company sets out to expand its wholesale network aggressively in the next twelve months to include more resale sellers and buyers.

About LePrix
LePrix is an e-commerce platform that provides online shoppers with instant access to a curated network of designer consignment boutiques. LePrix currently features over 500 designer resale stores across several countries. LePrix’s mission is to innovate the resale store industry by helping online customers discover the finest secondhand designer resale stores around the world which in turn makes pre-owned luxury shopping safe and sustainable for all. For more information, visit LePrix Wholesale Auction.

Originally posted on PR.com