As consumer demand for preloved luxury items continue to soar, B2B wholesaler, MARQUE Luxury, is looking to scale and help other businesses cash in on the trend with its latest $20 million investment round.
With fresh funding under its belt, MARQUE Luxury is planning to expand the size of its New York Re-Commerce Hub in SOHO by opening a new site located in the same building, which was Supreme’s first retail space location in 1994.
“As our business continues to grow, it is important to continue to evolve and expanding our Re-commerce hub in New York City is only appropriate given our expanding client base in the geographic area. SOHO is a prime location for fashion and we aspire to continuously spread the message of sustainability,” said Quentin Caruana, president and co-founder of MARQUE Luxury.
MARQUE Luxury’s Re-Commerce Hubs offer an array of high-end product category offerings, including designer handbags, watches, jewelry and accessories and feature coveted brands such as Louis Vuitton, Gucci, Chanel and Hermes.
To enable businesses to refresh their business inventory offerings with ease, the B2B wholesaler has a rigorous authentication process, providing businesses a safe and reliable platform to buy and sell pre-owned luxury goods. Additionally, MARQUE Luxury supports functions such as optimal pricing, photography, logistics and customer service.
The news comes less than a week after luxury resale platform, Rebag, raised $33 million in a Series E funding round, bringing the company’s total funding to $101 million.
The heightened investment activity in the circular economy comes at a time when consumers are increasingly choosing to shop with resale platforms. In just the last two years, the preference for shopping on secondary markets such as ThredUp, The RealReal, and Poshmark has surged across all generations, with baby boomers increasing their utilization by 56%, Gen X by 35% and millennials by 33%. Gen Z consumers lead all other groups at 44%.