NEW YORK, May 14, 2020 /PRNewswire/ -- Rebag, the ultimate destination for buying and selling luxury handbags, today announces $15 million in a Series D funding round, bringing its total funding raised to $68 million. Led by private equity firm Novator, this round also includes existing investor General Catalyst. 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 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.
"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."
Launched in 2014 as a digitally native brand, Rebag revolutionized luxury handbag resale with its transparent, instantaneous process with upfront payment. Shoppers can refresh their closets as often as they like and access thousands of designer handbags, available online, via their app or at a retail location. Rebag operates stores in New York, LA and Miami, which are expected to resume activity post Covid-19 containment.
For more information on Rebag, please visit rebag.com.