Rebag and Bloomingdale's Collaborate to Expand Access to the Luxury Resale Market

Rhea-AI Summary

Rebag, a leading luxury resale platform, has announced a strategic partnership with Bloomingdale's to expand access to the luxury resale market. This collaboration aims to promote sustainability and circularity while offering a curated selection of over 2,500 designer handbags, watches, and fine jewelry online at Bloomingdales.com and over 500 items in five select Bloomingdale's stores nationwide.

The partnership includes custom-designed Rebag concessions in key Bloomingdale's stores, featuring pre-owned luxury items for purchase. Customers can also receive offers for select items they wish to sell, utilizing Rebag's proprietary AI tool, CLAIR. This collaboration bridges the gap between new and pre-owned luxury markets, focusing on ultra high-end pieces and integrating Rebag's buying and selling experience into Bloomingdale's customer journey.

Positive

• Strategic partnership with Bloomingdale's expands Rebag's market reach
• Over 2,500 luxury items available online and 500 items in select stores
• Integration of Rebag's AI tool CLAIR for fair item valuation and quick quotes
• Expansion into physical retail spaces through Bloomingdale's stores

Negative

• None.

Insights

Market Research Analyst

This partnership between Rebag and Bloomingdale's represents a significant shift in the luxury retail landscape. By integrating pre-owned luxury items into a traditional department store setting, Bloomingdale's is tapping into the growing $36 billion resale market. This move could potentially increase foot traffic and attract a younger, more sustainability-conscious demographic.

The collaboration's focus on ultra high-end pieces suggests a strategy to maintain Bloomingdale's luxury image while diversifying its offerings. This could lead to increased customer retention and potentially higher average transaction values. However, the success of this venture will largely depend on how well Bloomingdale's can integrate Rebag's offerings into its existing customer experience and whether it can effectively communicate the value proposition of pre-owned luxury items to its traditional clientele.

Financial Analyst

While specific financial terms aren't disclosed, this partnership has the potential to be mutually beneficial for both Rebag and Bloomingdale's. For Rebag, it provides access to Bloomingdale's established customer base and physical retail presence, potentially accelerating growth and reducing customer acquisition costs. For Bloomingdale's, it offers a new revenue stream and could improve inventory turnover.

The use of Rebag's AI tool, CLAIR, for valuation could lead to more efficient pricing and potentially higher margins on resale items. However, investors should monitor how this impacts Bloomingdale's existing profit margins and whether it cannibalizes sales of new luxury items. The success of this venture could pave the way for similar partnerships in the luxury retail sector, potentially reshaping the industry's approach to circularity and sustainability.

Tech Expert

The integration of Rebag's proprietary AI tool, CLAIR, into Bloomingdale's operations is a noteworthy technological advancement in the luxury retail space. This AI-driven approach to pricing and valuation could significantly streamline the resale process, potentially leading to faster turnover and more competitive pricing.

The success of this tech integration will be important to watch, as it could set a precedent for AI adoption in luxury retail. If successful, we might see more traditional retailers leveraging AI for pricing and inventory management. However, the challenge lies in seamlessly integrating this technology into Bloomingdale's existing systems and training staff to effectively use it. The ability to offer instant quotes and payouts could be a significant differentiator in the competitive luxury resale market.

 With a robust retail and digital presence, the first-of-its-kind partnership promotes circularity

NEW YORK, Aug. 8, 2024 /PRNewswire/ -- Rebag, the leading luxury resale platform, announces a strategic retail and digital partnership with the iconic department store Bloomingdale's, aimed at democratizing the luxury goods market. The first-of-its-kind collaboration is designed to promote sustainability and circularity while providing unparalleled access to best-in-class brands. The partnership includes a meticulously curated selection of over 2,500 designer handbags, watches, and fine jewelry, available online at Bloomingdales.com and over 500 items in five select Bloomingdale's stores nationwide.

The custom-designed Rebag concessions, echoing Rebag's store aesthetics, will be strategically positioned on the accessories floors of key Bloomingdale's stores, including The Mall at Short Hills, White Plains in New York, Town Center at Boca Raton, Westfield Fashion Square in Sherman Oaks and Fashion Valley Mall in San Diego. Each concession will feature a curated selection of pre-owned luxury items available for purchase. Bloomingdale's customers will also be able to receive offers for select items they wish to sell. Rebag's unique luxury resale service leverages its proprietary AI tool, CLAIR, which uses millions of data points, to determine fair item values and offer fast quotes and payouts on premises.

This partnership will allow Bloomingdale's customers to seamlessly buy luxury items both in store and online, bridging the gap between new and pre-owned luxury markets. The collaboration brings coveted brands and exceptional items to Bloomingdale's customers, enriching their shopping experience with unparalleled offerings. The items bought and sold by Rebag at Bloomingdale's and on Bloomingdales.com will be focused solely on select ultra high-end pieces including handbags, watches, and fine jewelry. Rebag will also partner with Bloomingdale's stores management and staff to integrate the Rebag buying and selling experience into Bloomingdale's customer journey.    

Charles Gorra, CEO and Founder of Rebag, expressed enthusiasm: "We are thrilled to join forces with Bloomingdale's, a name synonymous with luxury and quality. This partnership epitomizes our vision of the complementary relationship between first-hand and second-hand luxury. By bringing Rebag's expertise in sourcing and vetting luxury goods to Bloomingdale's discerning clientele, we are setting a new standard in the luxury retail experience."

Jennifer Jones, SVP / GMM Center Core - Women's Accessories at Bloomingdale's, added, "We are delighted to partner with Rebag, an established leader in the luxury resale space, to meet customer needs with this curated addition to our assortment. The strategic partnership brings a new set of ultra-luxury brands to Bloomingdale's, while providing access to the finest pre-owned luxury items, enabling a full circular experience."

The Rebag x Bloomingdale's collection will launch online at Bloomingdales.com August 8, 2024, with dedicated Rebag concessions in select Bloomingdale's stores to follow shortly thereafter. The collaboration is poised to redefine the luxury shopping experience, providing customers with unparalleled access to a diverse range of luxury items, backed by Rebag's industry-leading vetting process.

To learn more, please visit www.rebag.com/bloomingdales.

For further information, please contact: Factory PR, rebag@factorypr.com, 212.941.9394

About Rebag:
Founded by Charles Gorra in 2014, Rebag is a leader in luxury resale. With the launch of Consignment in 2023 and the industry-first membership program Rebag⁺ in 2024, Rebag stands out as the most transparent, flexible, and rewarding resale platform. Utilizing proprietary technology and millions of data points to determine the resale value of designer items, Rebag enables customers to receive instant payment, a first in the industry. A digitally native company, Rebag has retail locations in New York, Los Angeles, and Florida, and will soon be available in select Bloomingdale's locations. In 2020 and 2021, Rebag was named one of Fast Company's Most Innovative Companies. Rebag has been featured in the New York Times, Business of Fashion, Vogue, TechCrunch and more. For more information, visit www.rebag.com.

About Bloomingdale's:
Bloomingdale's is America's only nationwide, full-line, upscale department store. A division of Macy's, Inc. (NYSE: M), it currently operates 32 Bloomingdale's stores, 21 Bloomingdale's The Outlet stores, and three Bloomie's stores in California, Connecticut, Florida, Georgia, Hawaii, Illinois, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Texas, Virginia, Washington. In addition, Bloomingdale's has an international presence with a location in Dubai and Kuwait. Founded in 1872, the iconic retailer celebrated its 150th anniversary in 2022. Be sure to follow @bloomingdales on social media, become a Loyallist, and for more information, or to shop any time, visit www.bloomingdales.com.

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SOURCE Rebag

FAQ

When will the Rebag x Bloomingdale's collection launch online?

The Rebag x Bloomingdale's collection will launch online at Bloomingdales.com on August 8, 2024.

Which Bloomingdale's stores will feature Rebag concessions?

Rebag concessions will be featured in five Bloomingdale's stores: The Mall at Short Hills, White Plains in New York, Town Center at Boca Raton, Westfield Fashion Square in Sherman Oaks, and Fashion Valley Mall in San Diego.

What types of luxury items will be available through the Rebag x Bloomingdale's partnership?

The partnership will offer a curated selection of designer handbags, watches, and fine jewelry, focusing on ultra high-end pieces.

How will Rebag determine the value of items customers wish to sell?

Rebag will use its proprietary AI tool, CLAIR, which leverages millions of data points to determine fair item values and offer fast quotes and payouts on premises.