Luxury reseller raises $300 million but profit still a problem
08/07/2019
Based in San Francisco, the company already has two brick-and-mortar stores, which both collect and sell items. It plans to open more this year and also intends to add to its 11 consignment locations, where customers take goods to be evaluated.
It has described verifying the authenticity of the luxury products it resells as the “cornerstone” of its business. It employs a range of in-house experts, from jewellery and watch valuations experts to experts in the authentication of luxury leathergoods, to carry out this task.
Despite the success of its recent IPO, Bloomberg has pointed out that the company made a net loss of $76 million last year. It followed this with a loss of $23 million in the first quarter of 2019.
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