Rebag, a New-York based online luxury handbag authority that rethinks the role of luxury in the secondary market, announced it has raised $15 million in a Series D funding round, bringing its total funding raised to $68 million.
The Series-D funding is led by private equity firm Novator. Existing investor General Catalyst also participated in the funding round.
“Rebag’s ability to secure funding during these turbulent times speaks to the enormous power of the resale market and the belief that a circular fashion model is the future,” the company said in a release.
“The funding will go towards building upon technology advancements Rebag has achieved with groundbreaking tools such as Clair by Rebag, a powerful proprietary software that allows Rebag to generate a highly accurate offer in an instant. Additionally, Rebag continues to scale its Infinity Program, a rental/resale hybrid for customers, allowing them up to a year to trade their initial Rebag purchase in for varying tiers of credit to put toward a new style,” the company said.
“Over the last few years, we’ve witnessed the tremendous growth potential of the resale market,” says Novator partner Birgir Ragnarsson. “I am a firm believer in Rebag’s unique positioning, luxury expertise and cutting-edge innovation. By continuing to be a leader in the secondary market, Rebag bridges the gap between technology, luxury, and the future of retail.”
“We are so proud of what we have accomplished in all areas of our technology. We look forward to expanding our capabilities and sharing them with our customers,” says founder and CEO Charles Gorra. “We believe the current environment is going to accelerate the transition towards resale. At Rebag we built a brand and a platform that can cater to that growing audience. New opportunities will arise, and we are gearing up to capitalize on the secular trends towards resale ubiquity.”
Rebag was launched in 2014 by Charles-Albert Gorra and Erwan Delacroix. Started as a digitally native brand, Rebag revolutionized luxury handbag resale with its transparent, instantaneous process with upfront payment. Rebag operates stores in New York, LA and Miami.
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