LXRandCo expands with new product categories

LXRandCo is expanding its vintage luxury product offering, as well as growing its sourcing strategy in order to increase its selection of handbags.
 
The Montreal-based omnichannel retailer known for carrying branded vintage luxury handbags and accessories will begin offering apparel and shoes for both women and men at locations in the US, as of this week.

LXRandCo expands with new product categories. - Facebook: LXRandCo
 
These new categories will equally allow the company to introduce new brands such as Christian Louboutin, Moncler, and Giuseppe Zanotti, to name a few.
 
"The addition of these new categories represents a significant opportunity to leverage the LXRandCo brand, as well as our rapidly expanding retail network and e-commerce channel, to drive additional revenue growth at enhanced margins,” explained Fred Mannella, Chief Executive Officer, at LXRandCo, in a news statement.
 
The launch of these new product categories follows the addition of watches and jewelry in August 2017.
 
LXRandCo also announced on Thursday that it has entered into an agreement with a leading US-based supplier of pre-owned luxury handbags, which will allow the company to offer an increased selection.
 
"A key objective of our sourcing strategy is to diversify our third-party suppliers beyond Japan to expand our margins, while further enhancing the breadth and depth of our product offerings," added Mannella. "The addition of this US-based supplier contributes meaningfully in each of these ways. At the same time, we are continuing to focus on expanding the proportion of inventory we source directly from consumers to further enhance our margins."
 
The Canadian company has been on a steady growth path this year. In August, LXRandCo opened its first store in the UK in a deal with department store chain House of Fraser. The deal will include the opening of five LXRandCo locations in the chain’s top performing stores.
 
This month, the company is also opening five new locations in the Netherlands within Hudson's Bay's first stores, bringing LXRandCo's existing and announced pro forma store count to 87, of which 24 are in Europe.
 
The vintage luxury company had previously announced plans to double its store count by the end of the year for a total of 120 stores. Manella said that the company is still on track to do so by the end of 2017. 

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