Resale-as-a-service technology company Reflaunt which empowers global fashion brands to embrace circularity, announces its huge success of $2.7 million in the pre-series which was invested by Madaluxe group. Some of the investors were Jimmy Choo CEO, Coty Senior Advisor Pierre Denis, Ganni founder and former CEO Nicolaj Reffstrup, Textile Innovation Fund, Piquadro, Bluebell Group and sustainable fashion accelerator Fashion For Good. This investment will aid Reflaunt to bring needful strategies to its business model and execute certain plans which will offer a variety of concepts and models to the leading global luxury brands to come into the resale industry.
Co-founder of Madaluxe Group, Adam Freede says that Madaluxe is encouraging businesses and companies that have a sustainable vision and innovative solutions for improving the performance of their sector. They are looking forward to making a cultural and social impact on the fashion industry by investing in Reflaunt. The Mills Fabrica, a global techstyle innovation platform and Reflaunt seed investor increased its stake in the company. The initial funding was led by Yellow Octopus Group, Balenciaga CEO Cédric Charbit and Swarovski Creative Director Giovanna Battaglia Engelbert. Reflaunt gives exposure to fashion brands' and retailers' customers to easily resell or recycle their old purchases through their platform. They sell stuff through more than 20 marketplaces across North America, Europe, the Middle East, Southeast Asia and Australia reaching over 30 million customers in the secondhand market.
Reflaunt makes the data of resale performance easily accessible to the fashion brands to avoid any counterfeit risk. CEO of Ganni, Nicolaj Reffstrup emphasizes the need to practice a responsible behavior regarding consumption of purchase; simply replacing conventional fabrics with organic alternatives won't help in the long run. The post-consumption treatments need to be thought about. Reflaunt is offering a garment lifetime extension and it will be a leading contributor to overcome the challenges the industry is facing. Fashion houses across the luxury spectrum, as well as leading marketplaces such as Rebelle and Videdressing have integrated the company's technology. Reflaunt has several additional partner launch plans for early 2021 and recently added ba&sh to its network.
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