New Platform, Reshop, Redefines the Returns Experience by Giving Customers Instant Refunds

Debuts with an Impressive Network of Partners

NEW YORK, July 18, 2024 /PRNewswire/ -- Reshop is a new platform redefining refunds for consumers and merchants, debuting with a strong lineup of launch partners, including premium lifestyle brand Alo Yoga, iconic American footwear brand Steve Madden, and Orveon's collective of premium cosmetic brands (bareMinerals, Laura Mercier, and Buxom), as well as leading post-purchase provider Narvar.

Typically, consumers wait days or even weeks to receive their money back after making a return. Reshop, however, is transforming this antiquated system by removing the wait time for shoppers to get their money back. It is not store credit, Reshop instead frees up funds that normally sit dormant, immediately putting power back in the hands of consumers to spend their refund right away, wherever they want.

"We see an opportunity to disrupt a traditional process to deliver unique value to both merchants and consumers," said Katie Pridham, Chief Commercial Officer at Reshop. "With Reshop, customers can receive instant refunds—offering them greater flexibility, control, and confidence to shop again right away. For merchants, Reshop can help transform what has historically been a loss into an opportunity to recapture customers and drive additional revenue."

Data reveals that 90% of shoppers would make repeat purchases from a merchant that offers instant refunds and 2/3 of Americans believe returns are the absolute worst part of shopping. Reshop and its partners are on a mission to enhance this experience and see fast refunds as a way to minimize consumer and merchant pain points.

"We're thrilled to partner with Reshop as we continually seek innovative ways to enhance our customers' shopping experience. Through this partnership, we will offer shoppers greater flexibility by receiving refunds immediately, ultimately improving the overall post-purchase experience for our customers," said Josh Krepon, President of US DTC & Global Digital at Steven Madden.

Reshop's partnership with Narvar integrates into existing platforms and the return operations of new and existing Narvar merchants, which has over 1,400 renowned partners serving 90% of all U.S. adult consumers.

The Reshop platform is backed by founding shareholders Anthony Eisen and Nick Molnar, co-founders of Afterpay, and a list of powerful investors, including Matrix Partners, Sound Ventures (venture-capital firm co-founded by Ashton Kutcher and Guy Oseary), Mantis VC (an early-stage venture fund in partnership with The Chainsmokers) and more. In the coming months, Reshop will also introduce additional men's and women's fashion labels to its growing network of partner merchants, solidifying the platform's popularity among key lifestyle brands.

“In today's competitive landscape, providing an excellent customer experience is crucial. How merchants handle returns and refunds is a key component to success. Giving customers the option to get an instant refund - beyond store credit - is a win-win strategy for customers and merchants. We provide this service for our merchant partners and we take on all the risk, meaning our merchant partners have no exposure to fraud or non-return losses,” said Anthony Eisen, Chairman of the Board and Investor.

About Reshop
Launched in 2024, Reshop is a technology company on a mission to make refunds more advantageous and expedient for shoppers and merchants. By giving shoppers immediate control over their money, Reshop helps increase customer satisfaction and recapture sales for merchants. For more information, visit Reshop.com.

About Alo Yoga
Alo Yoga (Alo) is a Los Angeles-based premium lifestyle brand specializing in luxury activewear with a mission to spread mindful movement, inspire wellness and create community. Since launching in 2007, Alo has become a global leader in activewear design and its franchised fabrics. An acronym for Air, Land, and Ocean, Alo has a studio-to-street mentality that transcends fashion and goes beyond the mat. Alo is available online at www.aloyoga.com and Alo Sanctuaries worldwide.

About Steve Madden
Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition to marketing products under its own brands including Steve Madden^®, Dolce Vita^®, Betsey Johnson^®, Blondo^®, and GREATS^®, Steve Madden licenses footwear, handbags and certain accessories for the Anne Klein^® brand. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden's wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores. Steve Madden also directly operates brick-and-mortar retail stores and e-commerce websites.  Steve Madden also licenses certain of its brands to third parties for the marketing and sale of certain products in the apparel, accessory and home categories. For local store information and the latest sandals, fashion sneakers, dress shoes, boots, booties, and more, please visit www.stevemadden.com, www.dolcevita.com and our other branded websites.

About Narvar
Narvar pioneered how brands engage with consumers beyond the "buy" button through branded order tracking, delivery notifications, returns, and exchanges. Today, Narvar's comprehensive Post-Purchase Platform empowers 1,400+ of the world's most admired brands, including Sephora, Levi's, Sonos, Warby Parker, LVMH and L'Oréal, to deliver transparency, build trust, and grow customer lifetime value. Recognized by Fast Company multiple times as one of the most innovative companies, Narvar simplifies the everyday lives of consumers. For more information, visit Narvar.com.

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SOURCE Reshop