SINGAPORE - Pawnbroker MoneyMax Financial Service said on Thursday (April 29) it would provide pawn, sell and trade-in services for luxury bags and accessories - "the first of its kind in Singapore".
This is part of its plans to expand the services it offers, said the group.
The firm said in a statement it expects all of its 37 Singapore outlets to offer this suite of services by the end of 2016.
There are also plans to introduce pawnbroking of luxury bags and accessories to its Malaysia outlets.
MoneyMax wants to be a "one stop solution provider" where customers can pawn, sell and trade-in their luxury bags and accessories, and said this comes at a time when more consumers own luxury goods.
"This is coupled with an increased acceptance and interest in pre-owned luxury goods, whereby the consumer enjoys significant savings as well as a selection of pre-owned bargains."
MoneyMax will invest up to $5 million in the initial phase for the purchase of inventory and equipment, renovation of its current outlets and staff training and expects to recognise revenue from this new business segment in the financial year ending Dec 31.
MoneyMax chief executive Lim Yong Guan said: "The pre-owned luxury goods market is one with exciting opportunities which we believe provides us with another avenue for growth.
"With our wide network of physical stores, strong brand recognition and broad customer base, we hope to make luxury bags and accessories affordable to the masses and also offer financial solutions for owners of such luxury items."