Bewearcy, a start-up that facilitates online trade-in services for retailers, announced expansion and new brand partners.
As of Monday, United Colors of Benetton and Russian contemporary brand 12 Storeez join Hugo (Hugo Boss Group) in Bewearcy-led resale endeavors. Bewearcy currently operates in Russia (United Colors of Benetton, Hugo, 12 Storeez) and U.S. markets (12 Storeez), and is eyeing European expansion in 2022.
Essentially, Bewearcy allows shoppers to trade in preloved clothes to gain shopping credits up to 50 percent off new items (which vary by brand) from affiliated brand partners.
To trade in unworn fashion items from any brand (not just affiliated brands), Bewearcy shoppers can visit the partner website to schedule a courier pick-up. Garments are assessed for quality, cost and condition (items must be free of stains, discoloration and with factory tags preserved). After that, the customers receive an SMS alert informing them that their shopping credits for their selected fashion brand are available. The credit can be spent at the checkout of any affiliated retail store in the selected market.
Founded last year by entrepreneurs Ivan Cherkashin and Oleg Abramov, Bewearcy recently inked $420,000 for its expansion and scale out.
Ivan Cherkashin, the company’s chief executive officer, said his idea is “to merge resale and retail markets with a strong brand and customer benefit approach.” Cherkashin added that trade-in options stoke brand loyalty which, in turn, increase average sales over time to the tune of a 68 percent rise in average revenue to the brand. Early trade-in insights from 12 Storeez showed customer retention increased by 74 percent through the Bewearcy partnership.