AUCNET Acquires Singapore Joint Venture as 100% Subsidiary

-Enhancing Global Network and Local Distribution Growth in ASEAN and Oceania-

AUCNET INC. (hereinafter: AUCNET), a circular market design company headquartered in Minato City, Tokyo, is pleased to announce the full acquisition of its joint venture, SG e-Auction Pte. Ltd. (hereinafter: SG e-Auction) of Singapore, which operates the second-hand luxury goods distribution business in Singapore and the rest of ASEAN, with the aim of expanding its global client network and local distribution in the ASEAN and Oceania regions.

AUCNET launched the world's first real-time used car auction in 1985 and has expanded to cover a wide range of areas, including used digital products, used motorcycles, and used luxury goods. Over the years, it has developed expertise and a strong distribution network in the secondary market.

In 2015, AUCNET established a subsidiary, AUCNET CONSUMER PRODUCTS INC. (HQ: Minato City, Tokyo, CEO: Yasuto Saito, hereinafter: ACP), to engage in the fashion resale business. Today, ACP supports operating one of Japan's largest online luxury brand auctions, collaborating with over 5,500 companies across the globe, and achieving an annual transaction volume of more than 52 billion yen.

ACP has expanded its business into the B2C sector by acquiring GALLERY RARE Ltd. (HQ: Osaka City, Osaka, CEO: Fumitoshi Teraoka, hereinafter: GALLERY RARE) in 2020, and Defactostandard, Ltd. (HQ: Ota City, Tokyo, CEO: Yuki Noritake, hereinafter: Defactostandard), which operates "Brandear," in 2024.

As part of its international expansion, ACP formed a joint venture with a leading pawnshop in Singapore in 2017. The company continued its growth by opening offices in North America (Los Angeles, California) and Europe (Copenhagen, Denmark) in 2022, actively expanding its business.

In line with its global strategy for the fashion resale business, AUCNET is making the company a wholly owned subsidiary. This acquisition further strengthens AUCNET's global business in the rapidly growing resale market, including luxury goods, within the ASEAN and Oceania regions.

Purpose of SG e-Auction Acquisition

(1) Accelerating the expansion of the network built by SG e-Auction in the ASEAN region, while enhancing customer service for the existing 400 members.

(2) Expanding distribution in the ASEAN and Oceania regions, centered around Singapore.

(3) Developing AUCNET's fashion resale business, which includes ACP, GALLERY RARE, and Defactostandard.

To strengthen AUCNET's brand presence in the ASEAN and Oceania regions and accelerate its international expansion, the company plans to change its name to AUCNET ASIA Pacific (tentative) after the acquisition.

AUCNET ASIA Pacific (tentative) will aim to further increase its international clients, and to contribute to achieving global distribution.

Image of Miya Komatsuzaki (COO of SG e-Auction): https://cdn.kyodonewsprwire.jp/prwfile/release/M105709/202504308146/_prw_PI1fl_5DqKsMRo.jpeg

-Overview of AUCNET ASIA Pacific (tentative)

Company name: AUCNET ASIA Pacific

HQ: 7 CHANGI BUSINESS PARK VISTA, #01-01, SOOKEE HQ, SINGAPORE 486042

Representative: Director, Yasuto Saito

About AUCNET INC.: https://kyodonewsprwire.jp/attach/202504308146-O1-UYBbFbmA.pdf

Source: AUCNET INC.

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