Seeking to promote the idea of luxury goods as a valuable asset class similar to works of art that can appreciate in value over time, Rebag has introduced Auction, a program that lets shoppers bid for first access to hot new items. The luxury reseller will list more than 2,000 items for its first Rebag Auction cycle beginning April 27, 2022.
Members of the Rebag Rewards loyalty program will have the exclusive chance to bid on these items during the VIP Auction period, running from Monday, May 2 at 8 a.m. Eastern to Tuesday, May 3 at 5 p.m. Eastern. Rebag will then open the auction to all users through Thursday, May 5 at 11 a.m. Following the two auction cycles, items that have not been purchased will be made available on the Rebag.com site and in Rebag stores. Rebag will not charge a buyer’s fee for auctioned items.
Chief Client Officer Geronimo Chala discussed the Rebag “loyalty loop” on a Retail Remix podcast in November 2021.
Key items up for bids will include classic and collectible Hermès pieces such as tricolor Kellys and Kelly Cut Pochettes, as well as limited edition and unique bags ranging from Louis Vuitton Since 1854 Capucines to sequined Chanel Flaps and more. Jewelry, watches and accessories making their auction debut will include Van Cleef & Arpels Alhambra necklaces and Audemars Piguet Royal Oak timepieces.
Rebag, which raised $33 million in funding in December 2021, uses its in-house Clair Technology Suite to rapidly price bags from the top 50 luxury brands in order to simplify the listing process for sellers. Rebag’s Clair Trade trade-in program enables users to buy and sell items in one transaction, paying only for the difference in price.