“We are constantly seeking new ways to democratize luxury resale, and this micro concept will achieve exactly that,” said Charles Gorra, founder and CEO of Rebag, in a statement regarding the new store. “COVID-19 has reshaped urban and suburban consumer behaviors across the country. The nimbleness of this new Rebag Bar format will enable a hyper-local and efficient roll-out.”
The platform, which was primarily known for its secondhand luxury bag offerings, broadened this fall into other categories, namely watches and fine jewelry. Before that, the company landed $15 million in Series D funding last May at a time when many nonessential retailers were still recovering from temporary shutdowns implemented to curb the spread of COVID-19.
The resale market has been one segment of apparel expected to grow, while many other players in the space have had a difficult trajectory, even before the pandemic. This year has seen 29 major retailers file for bankruptcy so far, many of which were clothing retailers or had apparel as a core offering including J.C. Penney, Lord & Taylor, Brooks Brothers and Ascena. The secondhand market is projected to reach $44 billion by 2029, according to a recent report from ThredUp. Even though many people plan to decrease their apparel spending, 52% of consumers are expected to spend more money on secondhand fashion.
Source: Retail Dive
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 