Tokyo-based online auction company Aucnet is expanding its pre-owned luxury goods business, Aucnet Consumer Products Inc (ACP), with two new international branches in Europe and the US this month.
The move will allow Aucnet to expand its physical business into Europe and North America, explains the company in a statement, as it looks to secure more suppliers of second-hand luxury goods to keep up with growing demand for resale.
The two satellite offices will be in Copenhagen, Denmark, and Los Angeles, US. The European branch will be run by chief operating officer Masaaki Furukawa, and the US branch by chief operating officer Ayako Yamazaki, with Yasuto Saito remaining as chief executive of both branches.
Shinichiro Fujisaki, president and chief operating officer of Aucnet Inc., said in a statement: "We at Aucnet are happy to announce the establishment of our two new entities abroad with the aim of a global B2B distribution service in the second-hand luxury goods market. We currently have over 3,400 users worldwide, and our buyers abroad are specifically strengthening their presence year by year.
“We see Europe as one of the world's biggest reuse markets with room to grow. We would like to deepen our understanding of the European market as well as improving our customer service for our European clients. We will focus on expanding our buyer network in all areas of Europe. Our future goal is to develop a unique, one-of-a-kind global B2B market originating from Japan.”
The expansion coincides with the growth of the global resale market, which, for clothing, including luxury brand-name items, was valued at about 35.4 billion euros in 2021 and is expected to exceed 83.7 billion euros by 2026, according to ThredUp’s 2022 Fashion Resale Market and Trend Report.
While the resale market is growing and offers profitable gains globally, Aucnet notes that there is a supply issue, as these items are often supplied by individuals who choose to sell. Obtaining these items with a stable flow “continues to be an uphill battle”. It is hoped that the new offices in Europe and the US will help increase the number of buyers and sellers it can attract to fuel its plans to further expand aboard to create a circular distribution of its products worldwide.