A leading player in the booming luxury resale market, Rebag is steadily gaining market share at a time when similar luxury resale companies are plagued by falling stock prices and reports of prolific fakes. The Daily caught up with Rebag’s founder and CEO, Charles Gorra, to find out how the brand does what they do so well.
How is the company doing these days?
2019 has been a great year for Rebag, so far. In October, we debuted our revolutionary resale tool Clair, the Comprehensive Luxury Appraisal Index for Resale, which we’ve designed to become the go-to resource for resale data and add more transparency to the market. Overall, our proprietary tech development is growing significantly, while we’re also scaling to manage the growth of the resale market with a team of 150 employees. Additionally, we’re increasing our retail footprint, with four stores recently opened in the last year and plans to open 20 more in the medium term.
Why do you think you’ve been so successful?
The increase in demand in the secondhand market comes thanks, in part, to Gen Z and Millennials who are driving the growth of the resale market beyond expectations. Shoppers are more aware of their spending and shopping habits post-recession and are significantly more conscientious of where their money is going. These same consumers are also becoming more aware of the value of the sharing economy, as well; a place where items and services have an extended life with less waste. Why let go of something if it can continue to be used well beyond its life expectancy by someone else? No longer is this the world where consumables are simply discarded but valued, repriced, and reintegrated back into the marketplace. This is where Rebag steps in as the ultimate place to buy and sell handbags.
What sets you apart from other designer resale companies?
Unlike most designer resale companies, we are not consignment. We own all of our inventory, meaning our clients don’t have to wait for an item to sell to be paid. We offer upfront pricing and payment in a completely transparent process, which customers love, and we also focus closely on proprietary technology, brand value, and scalability.
What do you have planned for 2020?
Right now we are prioritizing our technology innovation and software systems to scale with the demand and growth of the market. With the technology we have, and will continue to scale, we will also be able to grow our retail footprint to include more physical locations.