Who needs two g’s when you can get by with one?
Luxury handbag marketplace Rebagg is now Rebag because the startup “really wanted to elevate our game,” said Charles Gorra, founder and CEO. “Dropping the ‘g’ is a big symbol.”
He believes that the shorter Rebag is more representative of the “simplicity” of the brand. “We also like the fact that it can be used as a verb,” he said.
As part of the rebranding effort, Rebag is introducing a new app, which allows you to take a photo of your used handbag and arrange a pickup. If it’s right for Rebag, the startup will buy the handbag and then attempt to resell it on its marketplace. Payment can be received directly via the app.
Rebag is additionally opening a brick-and-mortar location in New York’s Soho neighborhood on November 7. Its 300 most popular bags will be on display.
There are a lot of consignment startups these days. Some are said to be doing well, like Poshmark and TheRealReal. But then there are startups like Threadflip, which struggled to make it.
Gorra said that he’s not worried about Rebag buying up too much inventory because he believes that it has perfected an algorithm which determines supply and demand for bags. He said that there isn’t a set commission percentage, that Rebag’s formula varies based on customer interest.
Gorra said that Rebag has found that its most successful sellers tend to be middle-aged women in urban or suburban areas. The buyers tend to be young professionals. Its most popular markets are New York, New Jersey, Texas and Florida.
The startup has raised $28 million in equity funding so far, from investors like General Catalyst, Founder Collective and Crosslink Capital.
Featured Image: Rebag