It was only a matter of time before Rebag entered into fine jewelry and timepieces.
“There’s value in being a single source,” affirmed chief executive officer and founder Charles Gorra, adding that “it’s been a customer request for a while.”
Starting today, Rebag will be buying and selling fine jewelry from names like Rolex, Cartier, Patek Philippe, Hublot, Van Cleef & Arpels and Tiffany & Co., among others. Luxury jewelry and timepieces are available in-store and online at Rebag.com.
The business has seen its revenue up 60 percent year-over-year. In June, the company expanded its accessories offering by incorporating luxury scarves, hats, charms and an array of other goods. To date, Rebag operates six stores, having permanently closed three locations (Melrose, Beverly Hills and Garden City) due to the impact of the pandemic. Most locations reopened in June.
In many cases, be it a bag, fine jewelry or other accessories, Rebag stands by its one-hour appraisals for customer goods — with the exception of some timepieces that may warrant deeper inspection.
With a $15 million Series D funding round closed last May, bringing total funding to $68 million, Rebag has since built out additional talent for such appraisals, leaning into its technology expertise and proprietary pricing tool called “Clair.” The tool is also applicable to the new verticals.
Looking to trends at the merchandise level, also informed by Clair, Gorra said it’s “classic” over “statement “pieces. “We’ve seen a bigger interest in classic or everlasting styles,” he said, adding that “this trend stays for as long as there is uncertainty.”
In other resale moves, last week, ThredUp Inc. began the first stage of the initial public offering process, having filed confidentially with the U.S. Securities and Exchange Commission. The company followed Poshmark, which began its IPO process last month.
Gorra commented: “Resale, finally, is becoming mainstream. You’re going to see a lot more IPOs.” He also spoke to the broader acceleration of trends like digitalization and sustainability, which resale is poised to navigate with a lasting value proposition, as he sees it, especially amid ongoing economic uncertainty.