Michael Zahariev and Luke Calitz are the owners of Luxity, one of South Africa's popular pre-owned luxury goods resellers.
Today, the business has expanded from its online platform to operating in three prominent malls across South Africa.After a friend had a bad experience reselling her luxury items online, this duo thought of creating an online platform to resell pre-owned luxury goods with stronger safety features in place. Six years later, their business has gained success and now operates in three prominent malls in South Africa.
Today the duo operate in three prominent malls – Nelson Mandela Square, Cape Quarter, and Menlyn Maine – having expanded from their online platform a year after launching. During the 2021/2022 financial year the company recorded an 86% increase in growth, and since the start of the pandemic, Luxity has seen a 190% spike.This was not the first company the pair had ventured into.
"We did it more organically while also doing research. There were a lot of failures in the past that taught us how to run a successful business," Zahariev said.A year after operating online, a lot of customers requested that the business include an online store as they wanted to see and fit some of the products before making such a large purchase, but getting a physical store wasn't easy.
"That's what helped us to get into Sandton City and Menlyn Maine which we had been trying to get into for two to three years prior and they didn't want us,” Zahariev told Business Insider South Africa.Establishing themselves in such big malls helped the company rebrand preowned luxury items as an everyday part of people's lives and to also buy sustainably, helping the environment. This has also helped eliminate the stigma previously attached to buying pre-owned items.
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Source: BISouthAfrica - 🏆 34. / 51 Read more »