“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.Retail Dive