Rebag, considered the ultimate destination for buying and selling luxury handbags, is expanding its category selection for the first time to include other designer accessories, like sunglasses, scarves and belts.
On Wednesday, Rebag unveiled a broad range of curated luxury accessories on its e-commerce site, from high-end brands including Chanel, Christian Dior, Fendi, Gucci, Hermes, Louis Vuitton and Prada.
As with its handbags, the accessories will be vetted and white-glove inspected by Rebag specialists, who examine items for authenticity, as well as stains, scratches, fading or any other abrasions. Only products that pass muster will make it to the site.
“When we launched Rebag, our goal was to become the expert in luxury handbags, which we largely succeeded in,” said founder and CEO Charles Gorra. “By expanding our business model with the launch of accessories, we are excited to broaden our knowledge and continue to share it with our customers.”
Despite potential headwinds stemming from the COVID-19 pandemic, including consumer fears of what pre-owned merchandise might be carrying with it, Rebag’s move to expand indicates that resale may be able to weather the storm.
Last year, ThredUp and GlobalData reported that the secondhand industry grew 21 times faster than the traditional retail industry between 2016 and 2019, and the resale market is expected to surpass $50 billion in value by 2023.
Rebag expects consumers, in an effort to remain fiscally conservative while still embracing buying, will shop resale if they’re looking for luxury pieces.
“For those who thought luxury was out of their reach, resale is an entry point for them, and it can boost primary market sales,” a Rebag Magazine post said. “When making primary market purchases, shoppers are buying with resale value in mind, making it less likely the item will end up in a landfill. This is appealing to environmental, value and fashion-conscious consumers. It also adds to the perception of a brand’s sustainability, which helps to build loyalty amongst the younger customer who is looking to buy from brands with values aligned to their own.”
Last month, Rebag secured $15 million in a Series D funding round led by private equity firm Novator, but Rebag did not say that the funding would be used to expand product categories. Instead, the funding was used to enhance technological advancements in its proprietary software, such as Clair by Rebag, which is designed to determine the immediate resale value of a luxury product.
Additionally, the funding was intended to help scale Rebag’s Infinity Program, a hybrid rental/resale model that gives customers up to one year to trade in their purchase for a new style. Upon turning in any Rebag purchase within the year, a shopper could get credit worth 70 percent to 80 percent of the item’s purchase price to put toward the next purchase.
In the funding announcement, Gorra noted that the “current environment is going to accelerate the transition towards resale.” In total, Rebag has secured $68 million in outside funding.