Resale tech solution, Reflaunt, secures 11m US dollars in funding
Reflaunt, the resale technology solution used by Balenciaga and Net-A-Porter, has secured 11 million US dollars in a Series A funding round to accelerate the circular growth of the fashion industry.
The funding round was led by Shanghai-based Ventech China, Global Blue and Bombyx Growth Fund, along with participation from early investors including Swarovski’s creative director Giovanna Battaglia, American retail conglomerate Madaluxe Group, Italian fashion group Piquadro and TLF Ventures.
Reflaunt equips fashion brands and multi-brand retailers, such as Harvey Nichols, Mr Porter and The Outnet, with resale e-commerce and tailor-made branded marketplace technology and operations solutions, as well as access to its global network of more than 30 resale marketplace partners and more than 100 million second-hand customers.
Its technology creates a fully integrated journey where customers can seamlessly resell their past purchases without ever leaving the brand or retailer’s ecosystem. Reflaunt’s global operations and resale infrastructure allows brands and retailers to take back customers’ luxury pieces, inspect and value every item, have it sold again, and boost customer loyalty, while reducing the amount of textile waste ending up in landfills.
Commenting on the investment, Tomas Mostany, senior vice president of strategy and chief product officer at Global Blue, said in a statement: “The resale market is one of the fastest growing sectors in luxury, and customer demand for circular fashion is strong.
“Our partnership with Reflaunt continues to place us at the forefront of innovation for retail growth areas, enabling us to constantly offer new solutions that empower our merchants to capture the opportunities these fast-growing new sectors represent.”
Reflaunt partners with Global Blue following Series A funding round
The funding will also see Reflaunt joining forces with Global Blue, which offers tax-free shopping and omnichannel technology solutions to “deepen the connection with hundreds of luxury brands in Global Blue’s portfolio”.
Stephanie Crespin, co-founder and chief executive of Reflaunt, said: “We have integrated the resale experience in the brand’s ecosystem, which allows us to record the product’s digital ID at the moment of check-out and foster a seamless resell-in-a-click experience when the customer is ready to give the product a second life.
“We are excited to work with Global Blue and their portfolio of clients on physical retail executions, making Reflaunt a gateway to endless after-use destinations for each product in the market, be it resale, repair, recycling and more.”
Reflaunt works with leading resale marketplaces such as Tradesy, Goat, Rebelle, The Vintage Bar, Vestiaire Collective and Carousell, while also helping well-established retailers like Miinto and Yoox build a competitive pre-loved fashion offering on their own channels.
