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

Sellers can snap a picture of their items, upload them to marketplace; the startup collects it and ensures it is authentic, reports Tech in Asia

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.
 

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.

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. 
 

Founder and CEO Stephanie Crespin says this service drives the most traffic while the “DIY” side (where the seller uploads their own items) accounts for 20% of the business. 

Style-conscious
 

Including the series A round, StyleTribute has raised US $1.4 million. Since June 2014, when it raised a seed round, the startup says it grew its user base by 500% and has grown its revenue by double digits quarter-on-quarter.
 

It reports about 50% to 60% of its monthly customers are recurring, and the average basket size has increased from US $216 last year to US $360.
 

The marketplace currently offers women and children’s clothing and accessories. It plans to add a men’s category in the coming months.

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This is an excerpt from Tech in Asia. You can read the full article here