Resale platform Reflaunt raises $2.7 million
Resale platform Reflaunt said on Wednesday that it has secured $2.7 million in pre-Series A funding, led by the investment arm of luxury fashion distributor MadaLuxe Group.
The funding round also includes participating investors such as former Jimmy Choo CEO Pierre Denis; Ganni founder Nicolaj Reffstrup; Piquadro; Bluebell Group, and sustainable fashion accelerator Fashion For Good. Meanwhile, The Mills Fabrica, a global techstyle innovation platform and Reflaunt seed investor, increased its stake in the company.
Reflaunt’s initial seed round funding was led by Yellow Octopus Group, Balenciaga CEO Cédric Charbit and Swarovski creative director Giovanna Battaglia Engelbert, bringing the start-up’s total amount raised to $3.7 million.
Reflaunt offers fashion brands’ and retailers’ customers a way to easily resell or recycle their past purchases directly on the brands’ individual e-commerce platforms. The company said its technology enables fashion brands to increase sales and customer retention rates, while accessing valuable data on resale performance of their own products.
To date, it has partnered with fashion houses across the luxury spectrum, as well as leading marketplaces such as Rebelle and Videdressing. Most recently, it added ba&sh to its network and is currently expecting several additional partner launches for early 2021.
“Reducing the detrimental impact the fashion industry is having on our world requires a holistic approach to responsible behavior,” said Nicolaj Reffstrup, founder and former CEO of Ganni.
“Just replacing conventional fabric with organic alternatives does not go far enough. We also need to consider how our products are consumed and treated post-consumption. With its innovative solution to garment lifetime extension, Reflaunt will be a leading contributor in our effort to overcome the challenges our industry faces.”
Despite the Covid-19 pandemic, the secondhand market has continued to thrive and resale platforms are benefiting. In fact, earlier this year Poshmark shares more than doubled in the retailer's public debut. The online secondhand store first revealed plans to go public in late September.
Likewise, resale competitor ThredUp revealed back in October that it had filed confidentially for an initial public offering.
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