A Sneak Peek into Rebag's Expansion in 2022
Resale platform Rebag secures $33 million funding, aims to expand store count in 2022
Gearing up for growth, luxury reseller Rebag has raised a whopping $33 million in Series E funding, bringing its total fundraise to a staggering $101 million. The investment round was led by Novator, a private equity firm, with General Catalyst also chipping in, as per a Wednesday press release. The company admitted falling slightly short of its expectations in the funding round, according to an email statement.
Rebag intends to utilize the funds to bolster its tech-powered physical stores and enhance its tech tools, notably the Clair Technology Suite for trading and pricing luxury items. The company aims to open more stores in 2022, as per the announcement.
The company's funding round announcement highlighted its new categories, such as fine jewelry and watches, which have quadrupled in growth compared to the previous year. Following the launch of Clair Trade, one in five buyers have simultaneously traded items with Rebag, the company claimed.
Over the past few years, Rebag has been developing technology to streamline the secondhand sales and trading process. In 2019, they launched Clair, a tool that automatically assesses the value of a handbag from one of 50 brands. Last year, they introduced Clair AI, a tool that uses image recognition technology to identify and price luxury purses.
While innovating resale technology, the company has expanded into physical stores. Last year, they opened Rebag Bar, a micro-store in New York City, offering fine jewelry, watches, handbags, and accessories. They opened another, larger store in Greenwich, Connecticut, and introduced "Clair Corner," where shoppers could use Clair by Rebag software to receive quotes for the value of merchandise they're selling. They've also opened another location in Beverly Hills, California.
Rebag's new strategy focuses on providing convenient drop-off locations, connecting shoppers with stylists, and offering a selection of over 30,000 items. Charles Gorra, founder, and CEO of Rebag, stated, "This latest round of funding will allow us to further develop our technology and launch features that democratize access to information and create an ecosystem that benefits consumers and retailers alike."
Correction: A previous version of this story included incorrect information about how much funding Rebag ultimately raised. The story has been updated with the correct figures and a company statement was added.
In a nutshell, Rebag is revolutionizing the luxury resale market by offering upfront payments for luxury goods, making the resale process more accessible. The broader re-commerce market is on the rise, driven by consumer demand for sustainable and budget-friendly alternatives to new products. The re-commerce market is projected to grow at a CAGR of around 19.22% from 2023 to 2028. Stay tuned for more updates on Rebag's growth story!
- Rebag, having raised $33 million in Series E funding, plans to deploy the funds to bolster its tech-powered stores and enhance its tech tools, such as the Clair Technology Suite for trading and pricing luxury items.
- The company's innovation in technology has been a significant factor in its expansion, with last year's introduction of Clair AI, a tool that uses image recognition technology to identify and price luxury purses.
- In line with its strategy, Rebag is opening more stores in 2022, catering to a variety of items including fine jewelry, watches, handbags, and accessories.
- The broader re-commerce market, driven by consumer demand for sustainable and budget-friendly alternatives, is projected to grow at a CAGR of around 19.22% from 2023 to 2028.
- As Rebag continues to revolutionize the luxury resale market by offering upfront payments for luxury goods, it aims to democratize access to information and create an ecosystem that benefits consumers and retailers alike.
