The online luxury goods reseller Rebag says it has raised $33 million through a Series E round, bringing the firm’s total funding to $101 million.
The company announced the round on Wednesday (Dec. 15), saying it would use the investment to build on its technological tools, including its Clair Technology Suite.
“In the last 12 months, Rebag has maintained its high growth trajectory,” Rebag said in a news release. “The company has experienced a 4x growth of new categories such as fine jewelry and watches since the company’s category expansion in 2020, tripled sourcing due to the launch of Clair AI and Clair Trade, and has seen one in five buyers simultaneously trade items to Rebag following the recent Clair Trade launch.”
Read more: Rebag’s AI Solution Brings Transparency, Confidence to Luxury Resale Market
Clair – Comprehensive Luxury Appraisal Index for Resale – includes an artificial intelligence (AI) tool that can recognize and price bags from the 50 top luxury brands, and Claire Trade, which Rebag says is the “first software-powered instant trade-in program for the luxury resale industry.”
The company will also use the new funding to scale its brick-and-mortar businesses after a year in which Rebag has modified its traditional model, setting up “Clair Corner” locations where Rebag will also use the round to scale its tech-enabled brick-and-mortar business. Over the past year, Rebag has modified its traditional retail model, integrating high-tech touchpoints throughout the store aimed at providing consumers with a truly immersive retail experience, in a more compact format.
At each “Clair Corner,” customers can use a self-service kiosk to get an automatic price quote on the items they are selling via the Clair software suite.
In December 2020, Rebag launched its first Rebag Bar at The Shops at Columbus Circle in New York City, a miniature version of its traditional store that provides customers with a personalized digital shopping journey through its online ecosystem.
Read more: Rebag CEO Eyes $50B of Luxury Inventory That Is ‘Sitting in Closets’
When PYMNTS spoke to Rebag CEO and Founder Charles Gorra in September, he said that reselling luxury goods “requires delicate care and handling, as well as trustworthy authentication,” making it harder than other secondhand channels that only require sellers to produce photos of their items.
“However, the true beauty of luxury resale lies in the easy accessibility to these coveted and often difficult-to-acquire items,” Gorra said. “Luxury is designed to last, and can re-enter the circular fashion market for decades on end.”
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