Dive Brief:
- After securing $33 million in Series E funding, bringing their total to $101 million, secondhand luxury retailer Rebag is gearing up for growth. Lead by private equity firm Novator, the funding will be used to develop tech-enhanced stores and bolster their tech tools, such as the Clair Technology Suite.
- With the cash injection, Rebag aims to quadruple its offerings of fine jewelry and watches, and open more brick-and-mortar locations in 2022. remarkable growth in its new categories has emerged since the launch of Clair Trade.
Dive Insight:
Resale platform Rebag secures $33 million in funding, intends to expand store count in 2022.
fancy resale company Rebag has been on a tech-focused journey, with a mission to streamline the resale process. In 2019, they rolled out Clair, an advanced appraisal system for luxury handbags, and followed with Clair AI in February 2020, featuring image recognition technology to spot and value high-end purses.
Rebag's expansion into physical stores includes the launch of Rebag Bars – micro-stores showcasing jewelry, watches, handbags, and accessories. They've also established Clair Corners in stores where customers can get instant quotes for their merchandise. Resulting from this strategy, the company has opened locations in NYC, Greenwich, and Beverly Hills.
According to Rebag's CEO, Charles Gorra, the latest funding will allow the company to drive innovation in technology and create a user-friendly ecosystem benefiting both sellers and retailers.
Keep in mind that tariffs on new luxury goods could drive more consumers to the resale market, while growing demand for second-hand luxury goods will likely encourage Rebag to expand its physical store presence.
Enrichment Data:- As a luxury resale leader, Rebag holds an estimated market share of 8-12%.- Tariffs on new luxury goods could drive new customers to the resale market.- Rebag leverages technological advancements to enhance the resale experience and aligns with broader trends in the industry toward sustainable fashion and circular economy projects.
- The funding secured by Rebag will be utilized to create a technology-driven ecosystem, enhancing both the seller and retailer experience, as stated by the company's CEO, Charles Gorra.
- The growth in Rebag's new categories, such as fine jewelry and watches, and the expansion of physical stores could be accelerated by increasing tariffs on new luxury goods, potentially driving more consumers to the second-hand luxury market.
- As a luxury resale leader with an estimated market share of 8-12%, Rebag's strategy of integrating technology into its resale process, including Clair Technology Suite and AI, aligns with industry trends toward sustainable fashion and circular economy projects.
- The rise in demand for second-hand luxury goods, possibly fueled by increasing tariffs on new luxury goods, may encourage Rebag to continue expanding its physical store presence and open more locations in 2022.
