Rebag announces it will open its sixth retail store in the U.S., following the recent $25 million Series C funding announcement.
In February, Rebag upped its total financial backing to $52 million, with the $25 million Series C funding round led by investment firms: Novator, General Catalyst and FJ Labs, as previously reported in WWD.
Rebag aims to challenge the luxury consignment model, whereby sellers wait on items. Instead, Rebag buys bags outright offering payment within one to two business days online or under an hour in store. The resale handbag market is poised for growth. Competitors, ThredUp and The RealReal operate on consignment models, with ThredUp reporting the designer handbags with “best resale value” by price in its latest report” to include: Burberry, Alexander McQueen and Versace, names carried by all companies. The fight for market share will necessitate physical retail for resellers.
Related story: Rebag Adds Two New Locations in Los Angeles
The store will be the third location in California, opening in the Westfield Santa Anita mall. Rebag also operates two stores in Los Angeles — in Melrose Place and Beverly Hills. Listening to consumer demand, Charles Gorra, chief executive officer and founder of Rebag, is excited to “expand our reach
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