Aucnet Acquires SG e-Auction To Bolster Luxury Resale Business In ASEAN, Oceania

KUALA LUMPUR, May 15 (Bernama) -- Aucnet Inc (Aucnet), a Tokyo-based circular market design company, has announced the full acquisition of its Singapore joint venture, SG e-Auction Pte Ltd (SG e-Auction), as part of its strategic push to expand its global resale network in ASEAN and Oceania.

SG e-Auction operates a second-hand luxury goods distribution business in Singapore and the broader ASEAN region. With this move, Aucnet aims to strengthen its international client base and local market presence, further establishing itself as a key player in the global fashion resale industry.

The acquisition aims to accelerate the expansion of SG e-Auction's network across the ASEAN region while enhancing services for its 400 existing members. It also seeks to scale distribution activities throughout ASEAN and Oceania, with Singapore serving as a key strategic hub.

Additionally, the move is designed to foster the growth of Aucnet’s broader fashion resale ecosystem, which includes Aucnet Consumer Products Inc (ACP), Gallery Rare Ltd, and Defactostandard Ltd.

The acquisition of SG e-Auction marks the next step in Aucnet’s global expansion strategy. The company plans to rename the subsidiary Aucnet Asia Pacific (tentative), reflecting its regional ambitions.

According to a statement, “Aucnet Asia Pacific” will focus on increasing international clientele and promoting more efficient cross-border distribution in the high-demand luxury resale sector.

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Founded in 1985, Aucnet pioneered the world’s first real-time used car auction and has since expanded into various sectors, including pre-owned digital devices, motorcycles, and luxury goods.

The company launched ACP in 2015 to focus specifically on the fashion resale market. Today, ACP operates one of Japan’s largest online luxury brand auction platforms, partnering with over 5,500 companies worldwide and handling over 52 billion Japanese yen in annual transactions. (100 Japanese yen = RM2.92)

Aucnet has steadily grown its fashion resale portfolio through key acquisitions, including Gallery Rare in 2020 and Defactostandard (operator of Brandear) in 2024. Its international footprint widened further in 2022 with new offices in Los Angeles and Copenhagen.

-- BERNAMA