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 introduced Auction, a program that allows buyers to bid for first access to hot new items. The luxury retailer 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, Monday, May 2 at 8 a.m. EST through Tuesday, May 3 at 5 p.m. ballast). Rebag will then open the auction to all users until Thursday, May 5 at 11 a.m. Following the of them auction cycles, unpurchased items will be made available on the Rebag.com website and in Rebag stores. Rebag will not charge a buyer’s fee for auctioned items.
Chief Customer Officer Geronimo Chala discussed Rebag’s “loyalty loop” on a Retail Remix podcast in November 2021.
The main auction items will include classic and collectible Hermès pieces such as tricolor Kellys and Kelly Cut clutches, as well as limited editions and unique bags ranging from Louis Vuitton Capucines since 1854 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 watches.
Rebag, who raised $33 million in funding in December 2021, uses its in-house Clair technology suite to quickly price bags from the top 50 luxury brands to simplify the listing process for sellers. Rebag’s Clair Trade exchange program allows users to buy and sell items in a single transaction, paying only the difference in price.