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Friday, October 25, 2019

Rebag Introduces Clair, An Instant Evaluation Tool For The Luxury Resale Industry

Have you ever wondered how much you can buy your dream bag—that Dior tote that everyone is carrying—for on the secondary market? What’s a fair price? What’s a deal? Or, are you trying to slim down your closet and trade in that Louis Vuitton Speedy, but not sure about the right amount to sell it at? 


Rebag, the luxury handbag buying and selling retail destination, unveiled a new groundbreaking tool that allows users to check the value of luxury handbags, whether it’s that Gucci that’s already in your closet, or that Chanel that you’ve had your eye on for years. The appraisal system is called Clair, named for the acronym for Comprehensive Luxury Appraisal Index for Resale. “Essentially, it's an instant evaluation tool for the luxury resale industry,” said Charles Gorra, the founder and CEO of Rebag. “We think it has a much broader impact in terms of the whole luxury ecosystem.”
Traditionally, the luxury handbag market is shrouded in secrecy. Brands keep the numbers in their heavily controlled stock to themselves. To come up with a fair price at which to buy a pre-owned handbag could take up to an hour of phone calls and price checking, but now, thanks to Clair, that can be done simply by visiting the Clair app or website. Gorra and his team spent five years recording data that spans across 50 brands and 10,000 styles of handbags. When asked how the data was collected, Gorra was vague in his response, simply saying, “Pretty much anything you can think of is somehow in there.”

What used to take an hour to calculate now takes seconds simply by entering the information required to appraise the handbag’s value. “Basically, it's a taxonomy,” said Gorra, who explained that there are five segments within that taxonomy that are taken into account: type, designer, model, style, and size.
Those who end up selling their luxury handbags to Rebag will be instantly quoted a price in cash or credit—which is 15 percent more than the cash value—because of Clair. Users can simply print out the label and ship the handbag to Rebag, or if they are located in Los Angeles, New York, Miami, or San Francisco, they can drop it off at a brick-and-mortar location.

“We can find a price, and everyone will know that and you will have good surprises, and you may have bad surprises—but you will know.” said Gorra. “And also, you will know now, which is very important.”
But Clair isn’t just for those looking to buy or sell on Rebag. Gorra knows very well that people may not necessarily use the tool for that. He also knows that people may scour the market for handbags sold below the Rebag buying price to sell to Rebag. Clair provides a free instant evaluation to anyone who wants to use it. “Clair is meant to be essentially an open source framework for the industry,” he said. “It's not for just for Rebag, it's for everyone.” Gorra wants Clair to be for the secondary luxury handbag market what the Kelley Blue Book is for used cars.
For those who want a return on investment, Clair will provide up-to-date data on the resale market. Gorra said that Herm├Ęs is the unicorn, while Chanel, Louis Vuitton, Gucci, and Goyard are the safe bets as he points to a diagram that shows that data. Then, Gorra explained that a simple handbag accessory, like the Louis Vuitton bandouliere (strap) could make a massive difference in the resale value. Those who have it will get 70 percent of the retail price, while those who don’t only get 40 percent of the retail price.
Although StockX provides a service that shows how much items are offered or sold for, Gorra explained the difference between Clair and StockX. “StockX is a peer to peer marketplace, right?” asked Gorra. “So it's what they're servicing at StockX is not a StockX view, it is not a StockX price. It is the reflection of an individual currently putting a bid or an ask on StockX that StockX does not control.”
Clair will certainly have an impact on the luxury handbag secondary market. The next year will show just how much, as well as how brands and consumers will react to it now that they have the knowledge to sell and buy luxury handbags wisely.

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