Fashionphile is a fashion resale website where customers can buy and sell old premium designer handbags, accessories, and jewelry for women. Fashionphile has stores in Beverly Hills, San Francisco, New York City, and Carlsbad, California.
The latest round of funding for the Ultra-Luxury Resale Platform will be used to expand in-house technology and retail partnerships with luxury brands.
Fashionphile, the top pre-owned e-commerce company specializing in ultra-luxury handbags, watches, and fine jewelry, has secured $38.5 million in Series B investment led by NewSpring Development, the private equity firm NewSpring’s committed growth and expansion strategy. Following a minority investment in the company by Neiman Marcus in April 2019, the company has subsequently created Fashionphile Selling Studios in four of its shops around the country.
Fashionphile, which was founded in 1999 and is one of the top ten most searched fashion brands on Google in 2018, is the leading pre-owned ultra-luxury pioneer. Fashionphile is recognised for having an endless supply of the most sought-after handbags and accessories, as well as a direct buyout model and best-in-class verification.
Through Fashionphile’s innovative e-commerce technology, proprietary pricing algorithm, and pioneering authentication platform, their innovative retail partnership with Neiman Marcus has accelerated the luxury lifecycle to a velocity unmatched anywhere else in the world, bridging the primary and secondary markets.
This capital will help the company grow in terms of operational and geographic scope, allowing them to expand its omnichannel presence and create regional fulfilment facilities both in the United States and internationally. The money will also help Fashionphile expand its unique technologies, with a focus on improved automation and artificial intelligence, as well as patent-pending image recognition technology.
“We’ve built the industry’s greatest premium inventory, pioneered cutting-edge recommerce technology, and set the standard for authentication excellence over the last 20 years. We’re now looking forward to putting the funds raised from this campaign to work raising awareness and introducing more high-end buyers to Fashionphile and the joys and advantages of the circular economy “Ben Hemminger, CEO of Fashionphile, adds
“We believe that reselling will drive the future of retail as demand for sustainable fashion grows. Our objective is to bring scale and cutting-edge technology to secondhand shopping, therefore attracting more customers to the circular economy “Sarah Davis, the company’s founder and president, states
“Recommerce is exploding, and Fashionphile’s one-of-a-kind technology and decades of experience with designer items make it an ideal fit for NewSpring Growth,” said NewSpring Principal Hart Callahan. “We’re pleased to see Fashionphile top the premium category on the secondary market,” says the company.
In the luxury resale market, the general belief is that authentication is more of an art than a science and that it can only be learned by a combination of experience and intuition. That is a concept that Fashionphile denies.
“It’s just a science,” CEO Ben Hemminger argues.
Every piece that arrives at the company’s Carlsbad, CA headquarters is subjected to a rigorous screening procedure employing a combination of highly-trained employees and cutting-edge technology. The entire operation is currently housed in a 30,000 square foot building, which includes everything from a loading dock where employees accept shipments of goods waiting to be authenticated to a brightly lit room where the product is photographed according to strict standards to a locked cage containing hundreds of thousands of luxury items.
A showroom is located in the front, where clients from Southern California may drop off their bags to be inspected on-site or pick up a new model they’ve been coveting. A massive, bright-pink metal ramp at the back was custom-designed by a firm that produces playground slides.
Fashionphile, which was founded in 1999, is the leading online marketplace for buying and selling ultra-luxury pre-owned handbags and accessories. The e-commerce pioneer is recognised for its never-ending inventory of the most wanted handbags, a direct buyout model, and best-in-class verification, and was one of the most searched fashion companies on Google in 2018.