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Summary
The investment will enable Reflaunt to add top talent to its technology and business development teams as it executes its growth strategy and offers a variety of resale models to more leading global brands. Reflaunts initial seed round funding was led by Yellow Octopus Group, Balenciaga CEO C\xe9dric Charbit and Swarovski Creative Director Giovanna Battaglia Engelbert. The items are then offered for sale on more than 20 marketplaces across North America, Europe, the Middle East, Southeast Asia and Australia, reaching over 30 million secondhand buyers worldwide. In turn, marketplaces in Reflaunts network gain access to a large assortment of high-quality products sourced directly from the brands, allowing for purchase traceability, which mitigates counterfeit risk. By allowing consumers to easily resell (reflaunt) their past purchases before considering new ones, the company fuels a more conscious approach to shopping and injects high-quality inventory into a booming resale market that is growing 20 times faster than traditional fashion, ultimately tackling overproduction and textile landfill waste.