FASHIONPHILE Announces 2024 Results, Reports Best Year of Profitability to Date

The luxury resale platform achieves 67% YoY profit growth, fueled by omnichannel expansion and international wholesale growth

SAN DIEGO, Jan. 22, 2025 /PRNewswire/ -- FASHIONPHILE, the largest resale platform for buying and selling ultra-luxury, preowned accessories, is proud to announce its most profitable year to date, achieving a remarkable 67 percent increase in profits year-over-year. This milestone reflects the company's transformational journey from a primarily digital-first business to a fully omnichannel luxury leader, redefining the resale experience.

In 2024, FASHIONPHILE experienced a pivotal year, marked by 60 percent year-over-year growth in physical retail and the launch of a groundbreaking wholesale division. For the first time in its history, more than 20 percent of FASHIONPHILE's business was conducted in these new channels. These achievements highlight FASHIONPHILE's evolution into a true omnichannel luxury brand, blending digital convenience with immersive, high-touch, in-person experiences.

Innovative Footprint Expansion

In late 2023, FASHIONPHILE launched an ambitious physical retail expansion strategy, successfully opening two retail stores at Irvine Spectrum in Irvine, CA, and Carlsbad Premium Outlets in Carlsbad, CA. These locations marked a significant advancement, seamlessly integrating cutting-edge technology with personalized in-store experiences to transform the way luxury accessories are bought and sold. The success of these stores ushered in the opening of a long-term pop-up in Domain Northside, Austin, Texas and Silicon Slopes in Lehi, Utah as well as a permanent store in Scottsdale, Arizona. Looking ahead, FASHIONPHILE will soon open a permanent location at Fashion Island in Newport Beach, CA, with projected 2025 locations in Dallas, San Francisco, Atlanta, Boca Raton, and Philadelphia.

FASHIONPHILE's investment and presence in Los Angeles also continues to grow. Their first LA office opened in Beverly Hills in 2006. Following the opening of a thriving technology office in Downtown Los Angeles (DTLA) in 2021, the company recently signed a lease for a 33,000-square-foot space in DTLA, where it will launch its Flagship store in Fall 2025.

Wholesale Growth

Wholesale operations were another defining element of FASHIONPHILE's success in 2024, contributing to overall profitability and expanding the company's international footprint. This year, FASHIONPHILE's wholesale team not only entered luxury multi-brand retailers like Saks Fifth Avenue's Off Fifth, but moved into key international markets, including Denmark, Canada, Germany, and Australia, through strategic partnerships with legacy multi-brand retailers like the Galleria in Germany and other significant travel and tourism industry players. FASHIONPHILE's curated ultra-luxury product selection is now featured in over 50 locations worldwide, from duty-free airport shops to cruise retail boutiques, ranging from high-value displays to fully branded showcases with hundreds of products.

Although the acquisition of Montreal-based wholesale provider Two Authenticators Inc. (2a) was not completed until close to the end of Q1 2024, wholesale still managed to contribute over 5 percent of FASHIONPHILE's total annual revenue. This strategic acquisition, along with that of LXRandCo in late 2023, has solidified FASHIONPHILE's wholesale capabilities, paving the way for continued international expansion and further growth.

Looking Ahead

As FASHIONPHILE looks ahead to 2025, the company is intensifying efforts to deepen relationships and expand its footprint here in the US and beyond in Europe and the Middle East. These efforts signal the company's continued focus on growth, with plans to establish a strong presence in these key markets by the end of 2025.

For more information about FASHIONPHILE, visit www.fashionphile.com.

ABOUT FASHIONPHILE
Founded in 1999, FASHIONPHILE was the very first ultra-luxury re-commerce brand of its kind. More than 20 years later, the company has become the country's largest resale platform for buying and selling ultra-luxury, pre-owned accessories including Chanel, Hermès, Gucci and Louis Vuitton. Excelling in digital and omnichannel experiences as well as luxury in-person services, FASHIONPHILE is recognized for its never-ending inventory of the most coveted handbags and accessories, a direct buyout model and best-in-class authentication. Through proprietary, leading-edge technologies and the forging of strategic partnerships, FASHIONPHILE continues to accelerate the luxury lifecycle to a velocity unparalleled to anywhere else in the world. In 2019, FASHIONPHILE became the exclusive re-commerce partner of Neiman Marcus, opening 10 FASHIONPHILE Selling Studio locations inside Neiman Marcus stores across the country. For more information on FASHIONPHILE please visit: www.fashionphile.com and on Instagram @Fashionphile.

SOURCE FASHIONPHILE