Grailed, men’s luxury goods resale market, raises $ 60 million

With the rise in the resale of luxury goods comes a costly problem: combating counterfeits. Grailed, a market focused on men’s clothing, just raised $ 60 million in funding to do, in part, just that.

  • Series B was led by Goat Group, the sneaker resale giant; The CEO of Gucci and the Artémis Group, the investment vehicle of the Pinault family, have also joined.
  • Grailed now has 7 million users and over 3 million product listings.

Remote control: CEO Arun Gupta told Retail Brew that counterfeits made up less than 0.5% of Grailed’s transactions. (His community platform spans the gamut from a $ 18,000 Saint Laurent suit to a $ 90 Off-White t-shirt.)

But while many resale businesses use some sort of physical space to authenticate merchandise, Grailed’s process is entirely digital, a process he aims to drive forward with new capital.

  • He currently uses a mix of machine learning and a “decentralized” network of moderators with expertise in key categories and brands.

“Because we are doing this, we are reducing carbon emissions, and we are doing it in a much more cost effective way,” Gupta said. “I can sell you an item for $ 400 and I make money, the seller makes money and the buyer is really happy. “

The big picture: Digital authentication has gained traction in recent years – Goat and Fashionphile have dipped their toes into the tech – as resale businesses look to compete in the saturated space. Japan’s Mercari has even introduced its own remote authentication service that verifies products within 48 hours.

+1: Tradesy, another luxury goods resale market, also announced $ 67 million in new funding yesterday.—JS

Source link

About Jimmy Latimer

Check Also

Notable Fashion Award Winners Over the Years – WWD

On the eve of the Fashion Awards, which are set to return to the Royal …

Leave a Reply

Your email address will not be published. Required fields are marked *