LONDON & NEW YORK--(BUSINESS WIRE)--Reflaunt, a disruptive Resale-as-a-Service (RaaS) technology company empowering global fashion brands to embrace circularity, today announced that it has secured $2.7 million in pre-Series A funding, led by the investment arm of MadaLuxe Group, a leading worldwide distributor of luxury fashion. Participating investors include former Jimmy Choo CEO and Coty Senior Advisor Pierre Denis, Ganni founder and former CEO Nicolaj Reffstrup, Textile Innovation Fund, Piquadro, Bluebell Group and sustainable fashion accelerator Fashion For Good. The investment will enable Reflaunt to add top talent to its technology and business development teams as it executes its growth strategy and offers a variety of resale models to more leading global brands.
“MadaLuxe continues to invest in companies with powerful and innovative technologies that have the ability to profoundly change their industries and the world,” said Adam Freede, co-founder of MadaLuxe Group. “By now, the entire fashion industry is well aware that sustainability is both a societal and business imperative,” added Sandy Sholl, Co-founder and Executive Chair of MadaLuxe Group. “We’re confident that our investment in Reflaunt will deliver a significant impact culturally and socially.”
The Mills Fabrica, a global techstyle innovation platform and Reflaunt seed investor, increased its stake in the company. Reflaunt’s initial seed round funding was led by Yellow Octopus Group, Balenciaga CEO Cédric Charbit and Swarovski Creative Director Giovanna Battaglia Engelbert.
Reflaunt offers a disruptive proposition that enables fashion brands’ and retailers’ customers to easily resell or recycle their past purchases directly on the brands’ individual e-commerce platforms. The items are then offered for sale on more than 20 marketplaces across North America, Europe, the Middle East, Southeast Asia and Australia, reaching over 30 million secondhand buyers worldwide. The technology enables fashion brands to increase sales and customer retention rates, while accessing valuable data on resale performance of their own products. In turn, marketplaces in Reflaunt’s network gain access to a large assortment of high-quality products sourced directly from the brands, allowing for purchase traceability, which mitigates counterfeit risk.
“Reducing the detrimental impact the fashion industry is having on our world requires a holistic approach to responsible behavior,” said Nicolaj Reffstrup, founder and former CEO of Ganni. “Just replacing conventional fabric with organic alternatives does not go far enough. We also need to consider how our products are consumed and treated post-consumption. With its innovative solution to garment lifetime extension, Reflaunt will be a leading contributor in our effort to overcome the challenges our industry faces.”
Fashion houses across the luxury spectrum, as well as leading marketplaces such as Rebelle and Videdressing, have integrated the company’s technology. Reflaunt has several additional partner launches planned for early 2021 and recently added ba&sh to its network.
Reflaunt’s mission is to foster industry-wide adoption of circular models and product life extension through its RaaS model. By allowing consumers to easily resell (“reflaunt”) their past purchases before considering new ones, the company fuels a more conscious approach to shopping and injects high-quality inventory into a booming resale market that is growing 20 times faster than traditional fashion, ultimately tackling overproduction and textile landfill waste.
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About MadaLuxe Group
Since 2010, MadaLuxe Group has created a unique foothold in the luxury sector, specializing in the distribution of handbags, eyewear, clothing, footwear, timepieces and more from Europe’s iconic maisons. As the fashion industry’s go-to distributor of luxury, the family-owned company not only distributes to the world’s most prestigious retailers, but also through MadaLuxe Vault, its own direct-to-consumer retail destination. For more information, please visit MadaLuxeGroup.com.