FutureStarr

Grailed

Grailed

Grailed

Grailed

Grailed

Grailed is a curated collection of secondhand items from thrift stores, boutiques, and wholesalers. It’s a platform for men and women to “turn their feet in” and shop the way the high-six figures should.

New

Style is personal. That’s why we’re launching a new feed that lets you tailor Grailed to your style and taste. Follow sellers, designers, searches and collections and whenever you open the app you’ll see their latest listings, all in your size. A community of style enthusiasts awaits.

“From a competitive standpoint, even primary retailers and e-tailers are looking to tap the resale opportunity,” says Fabio Colacchio, partner at consultancy Bain & Company. “If we look at China, one of the most dynamic luxury markets, we see a lot of new platforms that are coming up and gaining visibility… It's definitely a very dynamic market.” In China, Alibaba-owned resale platform Idle Fish is expected to reach CNY 500 billion ($77 billion) in gross merchandise value by the end of 2021. Other platforms include GoShare2, Poizon and Plum. (Source: www.voguebusiness.com)

Listing

Grailed is relatively small compared to players like Goat and StockX, despite launching two years before them in 2013. However the company near-doubled its business since Series A funding of $15 million in 2018, reaching seven million global users and three million listings. The platform specialises in affordable secondhand luxury pieces which are unique but not necessarily hype. Only 20 per cent of the audience are female.

Authentication is a big challenge for resale platforms as they scale. Grailed decided to raise Series B when it did because after two years of development it's figured out its authentication process and is ready to scale it, Gupta says. Grailed completes this process digitally using a network of over 100 moderators who receive photographs of the item and approve it for listing. Other companies like Goat and StockX authenticate products in person. “If you're a new seller and want to sell a $500 Supreme t-shirt, you go through three independent moderators who all have to turn the key and say yes — this is real,” Gupta says. (Source: www.voguebusiness.com)

Sell

The move signals Goat Group’s move to solidifying its position in the resale market, already amongst the bigger players in streetwear resale with a gross merchandise value of $2 billion. Goat says it’s not exploring other investment opportunities at present but will work with Grailed to share expertise, including knowledge on digital authentication and Grailed’s expertise in peer-to-peer fashion selling. Instead of spotlighting sellers such as Grailed and Gen Z favourite Depop, who hold no inventory and take a commission from sales, Goat mixes stocked inventory from brands with resold items from 600,000 approved sellers, operating with the look and feel of an e-tailer. Its focus is mixing retail with resale is mostly on sneakers and increasingly on clothing. Grailed will remain independently run, with Goat Group COO Yunah Lee, appointed to the board of directors.

The new funding will also be dedicated to recruiting new sellers, who in turn attract more buyers. Gupta plans to do this by improving the curation on the site, to inspire purchase from brand agnostic shoppers who don’t know what to search and direct them to sellers who match their style. Right now, sellers have multiple options in terms of where to sell their goods, including Ebay, StockX, Goat, Vestiaire and The Real Real. Sellers say that Grailed has advantages including a user-friendly design and digital authentication. However, acquiring customers is costly, and Grailed has some big rivals. Sellers mention struggles with payment disputes on resale platforms which can result in payments being retracted if a buyer makes a complaint. (Source:

 

 

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