The store, at 390 West Broadway, also features a bag bar where sellers can head for an instant quote and authentication of their bag. Bags bought by the company on the spot will become available for resale within 24 hours, following the usual cleaning and processing requirements that include photos so the item can be placed on the shelf and be available for purchase online. Sellers who aren’t in the neighborhood can use the firm’s app for an instant quote, subject to authentication approval upon receipt of the bag by Rebag.
According to Charles Gorra, founder and chief executive officer of the company, Rebag is currently the only luxury reseller via the bag bar that will provide sellers with instant authentication and quote for their bags.
Gorra said, “From a customer perspective, the bag is the ‘holy grail.’ When you look at their closets, people are thinking high and low. There’s the simple shoes and dress. The statement piece most often is the handbag.”
The company’s inventory at the SoHo pop-up includes bags from over 50 luxury brands such as Chanel, Prada, Louis Vuitton, Céline, Gucci and Hermès. Also available will be a small group of luxury bags that are limited-edition collaborations with artists. The bags were previously owned and then acquired by Rebag, and the collaborations — via Rebag’s artist partnerships — provide a bit of customization to its bag offerings, according to Gorra. One example is artist Kendra Thomas, a Portland-based sneaker artist who collaborated with Rebag on a limited-edition “rose” on an original Mansur Gavriel bag.
Gorra once worked for Goldman Sachs as a financial analyst. That was followed by stints at private equity firm TPG and at Rent the Runway. It was during his time at Rent the Runway in 2012 that Gorra got the idea to target the luxury handbag resale market.
The original concept was Rebagg. “Rebagg was about the bag you own that we can purchase from you. We also have Trendlee, the other side of the business. Trendlee was about us having these bags that you can buy from us. We talked to each side of the business in different platforms. Now we’re merging the two platforms into one group,” Gorra said. The company was renamed Rebag and completion of the merger of the two platforms is expected in early 2018. Rebag also now has a mobile app for users.
The company this summer raised $15.5 million in a Series B round, bringing the aggregate raise to $28 million.
There have been a number of luxury resale sites on the rise. They include: TrueFacet, focused mostly on high-end watches; 1st Dibs, the luxury marketplace that includes art and furniture, and The RealReal, which is focused on women’s apparel and accessories. According to Gorra, the luxury resale market is one of the largest, growing consumer segments today.