Second-hand handbag site Rebag raises $25 million in fresh capital
US website Rebag, specialised in second-hand luxury handbags, recently raised $25 million (€22 million) in fresh capital from the Novator investment fund and long-standing investors General Catalyst and FJ Labs. Rebag was launched in May 2014, and since then it has raised a total of $52 million in capital.
The latest funding round's main goal was to finance an acceleration in Rebag's retail expansion. The site recently opened its first five brick-and-mortar stores, called Handbag Heavens: three in New York and two in Los Angeles.
The objective within the next five years is to open about 30 stores, some of which “possibly internationally,” said Charles Gorra, CEO and co-founder of Rebag, interviewed by BFM Business. New York-based French businessman Gorra, a graduate of the HEC business school in Paris and Harvard University, did not disclose the company's revenue, but said it has tripled in the last 18 months.
As a result, Rebag plans to triple the number of its employees, currently at 100, poaching them from major industrial and financial groups.
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