Largest reseller of Hermes bags in Singapore opens flagship showroom
Luxe handbag reseller opens store at Centrepoint with over 300 pieces in stock
Boosting your business online seems like the right thing to do in this digital age.
But for Madam Florence Low, founder of luxury handbag reseller LuxLexicon, she decided to do just the opposite.
Last Thursday, she unveiled her first flagship store at The Centrepoint.
With over 300 pieces in stock, she proudly describes LuxLexicon as the largest purveyor of Hermes Birkins and Kellys outside Hermes stores in Singapore and a leader in authenticated luxury consignments for Hermes.
Madam Low, who previously ran a boutique custom publishing business and a luxury flash sale e-commerce website, began selling Hermes handbags in 2016 on her Instagram account @luxlexicon.
Last year, she sold 1,500 Hermes handbags through LuxLexicon, with the biggest sale being a brand new Himalayan Birkin 30 handbag sold for close to $130,000.
Madam Low, 46, told The New Paper: "Just as cars and time pieces are status symbols for men, handbags are seen to be the status symbols for women. And of all the handbag brands, the Hermes appeal is very strong because women everywhere recognise these handbags make for good investments.
"They appreciate in value over time and are highly liquid when one decides to sell it."
She added: "A good bag portfolio is like a good investment portfolio. If someone bags a Birkin at the Hermes boutique, she is instantly looking at a 20 to 80 per cent ROI (return on investment) on that bag."
Madam Low's clientele ranges from female professionals and socialities in their 30s to 50s, to men who buy them as gifts for their loved ones.
She has noticed that more women are flocking to resellers like LuxLexicon instead of buying from the original boutique.
Madam Low said: "Time-starved professionals have no patience for the wait at Hermes stores. They want instant gratification."
This is why she is able to attract a 41,000-strong following on Instagram in two years, simply by catering to a market segment that is not fully served by the original brand owner, said Madam Low.
According to her, the two popular Hermes models - the Kelly and Birkin - are favourites for collectors and first-time buyers alike.
Prices range from $8,000 for a pre-owned box leather vintage Kelly to $88,000 for a brand new crocodile Birkin.
Despite the success LuxLexicon has enjoyed online, Madam Low - who still sells bags online but has done away with private viewings - believes a physical showroom will allow customers to interact with her before feeling comfortable to make the purchase.
She said: "When it comes to selling luxury goods, nothing beats seeing my customers in person before making a purchase.
"It's hard for someone to part with a five-digit figure based on pictures alone.
"For that reason, the store is meant to offer buyers the opportunity to assess the item in person before purchasing it."
For Madam Low, the most challenging part of going physical and running a luxury retail business is "finding good people who have knowledge of the luxury business and willingness to serve".
At the opening of the showroom, Madam Low unveiled over 20 Hermes special order bi-colour handbags.
Specially curated for the event, they are emblazoned with the exclusive Hermes horseshoe stamp.
Although she is constantly surrounded by them, Madam Low herself does not consider herself a collector.
The only Hermes bag she owns is a "precious" crocodile Birkin 25 worth $75,000 as she prioritises her business over owning an extensive collection.
She quipped: "Thankfully for my husband, I get my luxury fix through curating the handbag collection at LuxLexicon."