On Wednesday, Maison Luxe Inc (OTCMKTS:MASN), which is fast emerging as a worldwide leader in the customized luxury products market, was in sharp focus among investors and saw its stock record gains of as much as 98% for the day.

Market Action

On Wednesday, MASN stock soared 97.52% to $0.0399 with 1K shares, compared to its average volume of 6.24K shares. The stock moved within a range of $0.0220 – 0.0400 after opening trade at $0.0220.

Maison Luxe Establishes Kicks On Demand Subsidiary to Leverage Strong Relationships In Estimated $6 Billion Global Sneaker Resale Market

The remarkable rally in the stock came about after the company made a major announcement with regard to its business. Maison Luxe announced that it was in the final stretch of completing the acquisition of the luxury apparel and footwear retail company Kicks On Demand. As it happens, it should be noted that Kicks On Demand has actually been established by Anil Idnani, who is the Chief Executive Officer of Maison Luxe.

Kicks On Demand had been established back in 2020 and in the intervening time, it has managed to grow its collection of luxury sneakers considerably. At this point in time, the company’s inventory of luxury sneakers has a market value of as much as $100000. It is clear to see that the potential acquisition of Kicks On Demand by Maison Luxe has come as a source of considerable excitement for investors and it is going to be interesting to see if the stock can manage to add to its gains today.

Key Quote

Anil Idnani, CEO of Maison Luxe, commented, “Maison Luxe was created as a retail experience for all luxury goods, while we specialize in procuring the very best of timepieces and fine jewelry, the Company is set up to offer a diversity of products. Kicks On Demand offers luxury sneakers, another high-demand product that we can add to the Maison Luxe family. We will apply the same model of sales and marketing that has been working well for our current revenue stream to the new venture and anticipate promising results.”

Traders Note

MASN stock is trading below the 50-Day and 200-Day Moving averages of $0.0470 and $0.1069 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 49.