Fashionphile's retail expansion drives record profitability

Pre-owned luxury resale platform Fashionphile achieved a 67 percent increase in profits for the 2024 financial year.

The company said that the milestone reflects the company's transformational journey from a primarily digital-first business to a fully omni-channel luxury leader, redefining the resale experience.

In 2024, Fashionphile marked 60 percent year-over-year growth in physical retail and the launch of a wholesale division with more than 20 percent of Fashionphile's business driven by these new channels.

In late 2023, Fashionphile opened two retail stores at Irvine Spectrum in Irvine, CA, and Carlsbad Premium Outlets in Carlsbad, CA followed by 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, the company plans to open a store at Fashion Island in Newport Beach, CA, with projected 2025 locations in Dallas, San Francisco, Atlanta, Boca Raton, and Philadelphia.

Fashionphile's first LA office opened in Beverly Hills in 2006. Following the opening of a technology office in Downtown Los Angeles (DTLA) in 2021, the company recently signed a lease for a 33,000-sq. ft. space in DTLA, where it will launch its flagship store in fall 2025.

The company also signed luxury multi-brand retailers like Saks Fifth Avenue's Off Fifth, and moved into key international markets, including Denmark, Canada, Germany, and Australia, through strategic partnerships with multi-brand retailers like the Galleria in Germany. Its product selection is now featured in over 50 locations worldwide, from duty-free airport shops to cruise retail boutiques.

The company added that though the acquisition of Montreal-based wholesale provider Two Authenticators (2a) was not completed until close to the end of the first quarter of 2024, wholesale still managed to contribute over 5 percent of Fashionphile's total annual revenue.

In 2025, Fashionphile aims to expand its footprint in the US as well as in Europe and the Middle East.