Dive Brief:
- As it expands its brick-and-mortar reach and developing technology, Rebag has raised $35 million in Series E funding, bringing the total amount the company has raised to $103 million, according to a Wednesday press release emailed to Retail Dive. Novator, a private equity firm, led the Series E round, and General Catalyst also participated.
- The company said it will use the funding to grow its tech-enabled physical stores and improve its tech tools, including the Clair Technology Suite for pricing and trading in luxury items. The company also plans to open more stores in 2022, per the announcement.
- In its funding round announcement, the company noted that its new categories, including fine jewelry and watches, have quadrupled in growth from last year. After launching Clair Trade, one in five buyers have simultaneously traded items to Rebag, the company said.
Dive Insight:
Over the past few years, Rebag has focused on developing technology to streamline the secondhand sales and trading process. In 2019, the company unveiled Clair, short for the Comprehensive Luxury Appraisal Index for Resale. The tool automatically assesses the value of a handbag from one of 50 brands. In February, the company introduced Clair AI, a tool that uses image recognition technology to identify and price the value of luxury purses.
While developing its resale technology, the company has also expanded into physical stores. A year ago, the company opened Rebag Bar, a micro-store in New York City that featured fine jewelry, watches, handbags and accessories. The company 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. Per its press release, the company has also opened another location in Beverly Hills, California.
The company's new strategy involves providing convenient drop-off locations, connecting shoppers with stylists and offering a selection of more than 30,000 items, the company noted in its press release.
"Since the company's inception, our vision has been to fuel the circular economy and create further transparency in the resale market," Charles Gorra, founder and CEO of Rebag, said in a statement. "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."
via https://www.aiupnow.com
Tatiana Walk-Morris, Khareem Sudlow
