– Company Adds Apparel and Shoes at Five Locations and Adds New US-Based Handbag Supplier –
MONTREAL, Sept. 21, 2017 /CNW/ - LXRandCo, Inc. ("LXRandCo" or the "Company") (TSX: LXR, LXR.WT), an international omni-channel retailer of branded vintage luxury handbags and accessories, today announced that it has expanded its vintage luxury product offering with the addition of apparel and shoes at five locations. The Company also announced that it has diversified its handbag sourcing through a new supplier agreement with a leading U.S.-based vendor.
Addition of New Vintage Luxury Product Categories
Beginning this week, LXRandCo is introducing two new vintage luxury product categories – apparel and shoes for women and men – at five of the top performing locations of its largest retail partner in the US. With these new categories, LXRandCo will introduce new brands such as Christian Louboutin, Moncler, and Giuseppe Zanotti, among others, complementing the brands it already offers in its handbag and accessories category. The addition of the apparel and shoe categories follows on the addition of watches and jewelry in August 2017 with the opening of a dedicated counter at its Wall Street location in New York City, as well as the addition of watches and jewelry to the LXRandCo e-commerce site. The new watch and jewelry category will feature such brands as Rolex, Cartier, and Tiffany & Co., among others.
"Like the vintage luxury handbag market, other personal vintage luxury markets such as watches, apparel and shoes are experiencing tremendous growth as consumers seek out individual pieces with great stories at more approachable prices, and the "re-use" economy becomes increasingly entrenched in our lives," said Fred Mannella, Chief Executive Officer, LXRandCo. "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. Our new offerings will feature many of the same iconic brands that have underpinned the success of our handbag and small leather goods business, alongside the most coveted names in each of the new categories. As with our handbags, our inventories in these new categories will be highly curated, with a focus on top sellers and top styles to ensure the same vintage luxury shopping experience that both our consumers and our retail partners have come to expect from LXRandCo."
New Supply Agreement
LXRandCo has entered into an agreement with a leading US-based supplier of pre-owned luxury handbags, expanding and diversifying the sources from which it procures its handbag inventory.
"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," said Mr. 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."
LXRandCo is a rapidly growing, international omni-channel retailer of branded vintage luxury handbags and other personal luxury products. LXRandCo sources and authenticates high-quality, pre-owned products from iconic brands such as Hermès, Louis Vuitton, Gucci and Chanel, among others, and sells them at attractive prices through: a retail network of stores located in major department stores in Canada, the United States and Europe; wholesale operations primarily in the United States; and its own e-Commerce website, www.lxrco.com.
Caution Regarding Forward-Looking Statements
Certain statements in this press release are prospective in nature and constitute forward-looking information and/or forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements generally, but not always, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "could", "would", "will", "expect", "intend", "estimate", "forecasts", "project", "seek", "anticipate", "believes", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events and the negative of any of these terms. Forward-looking statements in this news release include, but are not limited to, statements concerning future objectives and strategies to achieve those objectives, including, without limitation, store openings, as well as other statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, outlook, circumstances, performance or expectations that are not historical facts. Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management, which includes assumptions about continued revenues based on historical past performance, management's historical experience, perception of trends and current business conditions, expected future developments and other factors which management considers appropriate. With respect to the forward-looking statements included in this press release, management has made certain assumptions with respect to, among other things, the Company's ability to meet its future objectives and strategies, the Company's ability to achieve its future projects and plans and that such projects and plans will proceed as anticipated, the expected growth of the Company's e-Commerce revenue, the expected number and timing of store openings in North America and internationally, entering into new and/or expanded retail partnerships in North America and internationally, the Company's ability to source products, the Company's competitive position in the vintage luxury industry, and beliefs and intentions regarding the ownership of material trademarks and domain names used in connection with the marketing, distribution and sale of the Company's products as well as assumptions concerning general economic and market growth rates, currency exchange and interest rates and competitive intensity.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.
All forward-looking statements included in and incorporated into this press release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this press release, and except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Readers are cautioned that the actual results achieved will vary from the information provided herein and that such variations may be material. Consequently, there are no representations by LXRandCo that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.
SOURCE LXRandCo, Inc.
For further information: Jeremy Stepak, Interim Chief Financial Officer, LXRandCo. Inc., +1 (416) 301-1333; Lawrence Chamberlain, LodeRock Advisors, +1 (416) 519-4196, firstname.lastname@example.org