Rebag Raises $33 Million, With Funds Earmarked To Expand Tech-Enabled Resale Business
Summary
Rebag, the platform for buying, selling and trading luxury handbags, jewelry and watches, today announced it has raised $33 million in a Series E funding round led by private equity firm Novator, with participation from existing investors such as General Catalyst. Following a strong year driven by technological advances and category expansion, the latest round positions Rebag for its next cycle of innovation and accelerated growth. Ultimately, we want to cover everything that’s luxury or premium.” Rebag will use part of the funds from the Series E to expand Clair AI to categories such as small accessories, jewelry and timepieces. We’ve barely scratched the surface of what we can access there.” Gorra said luxury brands are tightening production on iconic handbags, which is driving up demand and price inflation in the primary and secondary markets. Hermes doesn’t divulge the number of Birkin and Kelly bags it produces, but according to the Wall Street Journal, it likely made fewer of the two models in 2020 and may have sold only 100,000 globally this year.