Rebag is launching a new weekly auction feature for select products.
A leading luxury resale retailer is giving customers a new way to purchase goods.
Rebag, which recently completed a $33 million in a Series E funding round, is introducing a service called Auction. Every week, Rebag will list over 2,000 new items in two Rebag Auction cycles. Starting the week of May 2, from Monday, May 2, 8 a.m. EST to Tuesday, May 3, 5 p.m. EST, members of the Rebag Rewards loyalty program will be able to participate in a VIP auction, during which bidding is open exclusively to them.
The Rebag Rewards program is designed to encourage circularity and repeat business by offering perks such as a first look at new arrivals, early access to sales, free domestic shipping and returns, special annual discounts and surprise rewards such as invitations to events, gifts and more. Customers who have traded, sold or purchased at least $500 in merchandise with Rebag are automatically enrolled in the program, which is free.
Subsequently, all customers will be able to bid on remaining items until Thursday, May 5, 11 a.m. EST. Following the two auction cycles, any unsold items in the collection will be available for immediate purchase on Rebag.com and at Rebag store locations. Auction participants will not have to pay any buyer’s fee.
Customers will be able to set a maximum bid and allow Rebag to automatically bid on their behalf. Shoppers who win an auction will be able to checkout as usual for 48 hours, using any form of regularly accepted payment. They will also be able to use the Rebag Trade feature, which allows customers to buy and sell items in a single, combined transaction.
Using Rebag Trade, shoppers can instantly receive an offer for their luxury items, put the value towards a new purchase, and then checkout and only pay the difference that their sold items do not cover - all in one transaction. The proceeds from the sale are instantly netted from the cart value.
The launch of Rebag Auction follows the company’s recent partnership with Moda Operandi, featuring a digital trunkshow offering Rebag customers exclusive access to more than 115 styles. Rebag intends the interactive and time-sensitive nature of Rebag Auction to increase customer engagement and build brand loyalty. In addition, the company intends Auction to promote the idea of luxury goods as a valuable asset class, similar to how works of art are considered in the traditional auction vertical in that they can retain or increase in value over time.
"We are thrilled to be launching Auction to redefine what is considered a collectible in the luxury resale space," said Charles Gorra, founder and CEO of Rebag. "Given the scale of our platform, we are now able to launch Rebag Auction to optimize liquidity for our customers, while giving them access to highly coveted pieces in the most exciting way."
Founded online in 2014, Rebag has opened brick-and-mortar store locations in New York, Los Angeles, Greenwich, Conn., and Miami.