Luxury fashion marketplace raises series A to help you sell that Gucci bag

Photo credit: gloffs / 123RF.

There’s no shortage of online consumer-to-consumer marketplaces in Singapore, but some are older than others. Founded in 2013, StyleTribute is one that has been here for a while. And it looks like it’s going to stick around for at least a little longer: the startup just raised US$1.1 million in a series A round.

(Update, 8/11: This story has been updated with comments from Stephanie Crespin, StyleTribute founder and CEO.)

The funding comes from a European family office with “expertise in strategy and business development” and private individuals, one of whom is a StyleTribute customer. It gives the startup a runway of 15 to 20 months, founder and CEO Stephanie Crespin tells Tech in Asia.

While plenty of online platforms, from Carousell to startups like Refash, offer users the ability to resell pre-owned clothes in the city-state, StyleTribute specializes in luxury clothing and accessories.

StyleTribute collects the item from the seller and ensures it’s an authentic product.

And luxury means luxury. Right now on the site, under “new arrivals,” I can see bags by Hermès and Gucci going for US$2,500 and US$975 respectively.

Sellers can snap a picture of their items and upload them to the marketplace. When the item is sold, the startup collects the item from the seller’s place and ensures it’s an authentic product – something you’d expect, given the price tags. StyleTribute offers an “unlimited authenticity guarantee” for items that have gone through the process.

For sellers who want to push 10 or more items, the firm provides a “white glove” service. This is a more involved process where someone from the company comes over to your place, picks up the items, and then arranges everything from photography to payment.

Stephanie says this service drives the most traffic while the “DIY” side (where the seller uploads their own listings) accounts for 20 percent of the business. She expects it to expand quickly after the series A.

“As we accelerate the scale up, the DIY model will enable us to offer our services to many more sellers,” she explains. In addition, this model doesn’t take up as many resources for the company as sellers take care of a large part of the process themselves, like picture taking and item descriptions.

Photo credit: StyleTribute.

Style-conscious

StyleTribute will use the funding for a marketing push to grow its market in Singapore and Malaysia. It will also look to expand to a third country. On the product side, the company wants to improve its seller app and also add an interface for buyers. The aim is to grow the DIY side of the business more.