Rebag, a luxury resale platform specializing in handbags, has announced that it raised $33 million in a Series E funding round, bringing the company's total funding to $101 million. The funding round was led by private equity firm Novator, with participation from existing investors such as General Catalyst. Rebag, founded in 2014, is a digital and brick-and-mortar retail platform where customers can buy and sell luxury designer handbags, accessories, watches, fine jewelry, shoes, and select apparel.
The company plans to use the funds to further develop its technology and launch features that democratize access to information, creating an ecosystem that benefits both consumers and retailers. Rebag has made significant progress over the past year, with new categories such as fine jewelry and watches experiencing 4x growth since their launch in 2020. The introduction of Clair AI and Clair Trade earlier this year has also allowed the platform to triple its sourcing.
In addition to technological advancements, Rebag aims to expand its brick-and-mortar presence. The company currently operates nine stores across the United States, with locations in New York City, Los Angeles, Miami, and more. Rebag plans to increase its portfolio to 30 stores in the medium term, including standalone stores and locations in major luxury malls.
Rebag's brick-and-mortar expansion strategy involves providing convenient drop-off locations, connecting shoppers with stylists, and offering a selection of more than 30,000 items. The company has recently opened new store locations in Greenwich, Connecticut, and Beverly Hills, California, with further openings planned for 2022.
Charles Gorra, founder and CEO of Rebag, stated that the latest round of funding would allow the company to further develop its technology and launch features that democratize access to information, benefiting both consumers and retailers. Rebag's vision is to fuel the circular economy and create further transparency in the resale market, positioning the company for its next cycle of innovation and accelerated growth.
