Canadian luxury retailer LXRandCo's e-commerce grew 70% year-on-year in the first quarter

Recently, Canadian luxury retailer LXRandCo announced that according to preliminary estimates, its total revenue for the first quarter of 2021 was US$2.6 million, including US$1.6 million in e-commerce revenue . After the company's strategic adjustment, its e-commerce revenue as of the first quarter of 2021 increased by 70% compared with the same period last year.  

Founded in 2010 and headquartered in Montreal, Quebec, LXRandCo (LXR) is a vintage and luxury retailer specializing in luxury handbags and accessories, as well as authenticated pre-owned handbags and personal accessories.

The company implements a digital-first strategy and sells through an omnichannel model, selling products directly to consumers through its website or by expanding sales channels for e-commerce and other platforms. Its omnichannel model also cooperates with retail "store-in-store" experience centers and is supported by wholesale activities with select retail partners in North America.

In February of this year , LXR announced that its e-commerce revenue hit a record high in the middle of the first quarter, an increase of 65% over the same period last year. The company said that it changed its strategic direction after the epidemic, adjusted to a digital-first model, restructured the company's capital, and strengthened its e-commerce team. In the fourth quarter of 2020, its e-commerce revenue increased by 43% compared with the same period last year.

For the year ended March 31, 2021, LXR's total revenue and e-commerce revenue are expected to be $10.3 million and $5.0 million, respectively.

Cam di Prata, interim chief executive of LXR, said: “While the impact of the pandemic remains, we are optimistic about our prospects for the year. We are well positioned to take advantage of the growing online market, as well as the growing luxury resale market in retail, and the wholesale demand is already established.”

In general, it is a good choice for businesses to adjust their strategies and develop online sales during the epidemic. In addition, data shows that luxury sales were hit in the early stages of the epidemic, but rebounded after the epidemic gradually stabilized. At the same time, according to foreign media research, the market demand for second-hand luxury goods is huge.

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