Resale platform Reflaunt raises $11m in Series A funding

YarnsandFibers News Bureau 2022-08-25 15:52:00 – Portugal

Reflaunt, the resale technology solution used by Balenciaga and Net-A-Porter, has raised 11 million US dollars in a Series A funding round, in order to speed up the circular growth of the fashion business.

Global Blue, Bombyx Growth Fund, Ventech China, located in Shanghai, served as the investment round's lead investors. Other early investors included Giovanna Battaglia, the creative director of Swarovski, as well as American retail giant Madaluxe Group, Italian fashion company Piquadro, and TLF Ventures.

Reflaunt provides access to its global network of more than 30 resale marketplace partners and more than 100 million second-hand customers as well as resale e-commerce and custom branded marketplace technology and operations solutions for fashion brands and multi-brand retailers like Harvey Nichols, Mr. Porter, and The Outnet.

With the help of its technology, customers may easily resell their previous purchases without ever leaving the environment of the brand or merchant. With the help of Reflaunt's worldwide operations and resale infrastructure, brands and retailers can retrieve expensive items from consumers, examine and appraise each one, have it resold, and increase customer loyalty while lowering the quantity of textile waste that ends up in landfills.

Tomas Mostany, senior vice president of strategy and chief product officer at Global Blue, said that the resale market is one of the premium industries with the fastest expanding market, and customer demand for circular fashion is high. Their cooperation with Reflaunt keeps them at the cutting edge of innovation for retail growth areas, allowing them to continuously provide innovative solutions that empower their merchants to take advantage of the opportunity these quickly expanding new sectors bring.

Reflaunt will also work with Global Blue, a company that provides tax-free shopping and omnichannel technology solutions, as a result of the financing to "deepen the link with hundreds of premium brands in Global Blue's portfolio."

Stephanie Crespin, co-founder and chief executive of Reflaunt, said that they have integrated the resale experience in the brand's ecosystem, which allows them to record the product's digital ID at the time of check-out and foster a seamless resell-in-a-click experience when the customer is ready to give the product a second life. Reflaunt will become a portal to many post-use destinations for every product on the market, including resale, repair, recycling, and more, thanks to its collaboration with Global Blue and its client portfolio on physical retail implementations.

In addition to working with well-known stores like Miinto and Yoox to provide a competitive selection of pre-loved clothing on their own channels, Reflaunt also collaborates with top resale marketplaces including Tradesy, Goat, Rebelle, The Vintage Bar, Vestiaire Collective, and Carousell.

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