Rebag launches image recognition tech for luxury bag pricing

Dive Brief:

Rebag launched Clair AI, an image recognition tool that can quickly identify and assign a price to high-end handbags, according to an announcement emailed to Retail Dive. Users can download the company's app, available on iOS and Android, and scan their bag against a neutral background to identify the bag's brand, model, style and price that Rebag would pay for it.
If the user accepts that offer, they can generate a free shipping label and mail their item and be paid within two to three days of reciept. Sellers also have an option to drop off their item in person at Rebag's locations in New York, Miami and Los Angeles to receive instant payment, according to the company.
The tool can currently identify more than 15,000 existing references with 91% accuracy. Professional resellers can also access the technology for third-party applications or to integrate with external systems, per the emailed statement.

Dive Insight:

Clair stands for Comprehensive Luxury Appraisal Index for Resale and uses universal taxonomy and condition grades for standard pricing referencing for resellers, Rebag stated. For now, the technology can identify bags across 50 brands, the company said.

"From now on, anyone can scan and access the resale value of a handbag instantly, without any prior industry knowledge. With Clair AI, we are building on our promise of always providing total transparency and simplicity for resellers," Charles Gorra, founder and CEO of Rebag, said in a statement. "Ultimately, we believe that accessible resale data points will redefine behaviors and move the luxury industry from a consumption mindset towards an investment one."

The Clair AI tool is an extension of Rebag's Clair pricing tool that launched in October 2019. The release of Clair AI follows the reseller's New York City micro-store opening in December at The Shops at Columbus Circle.

As Rebag expands its digital tools and brick-and-mortar footprint, similar platforms are vying for a share in the emerging market. Curtsy, another fashion resale platform, raised $11 million in Series A funding last month. Meanwhile, established retailers and brands like Gap and Walmart formed partnerships with resale site ThredUp, which last fall confidentially filed paperwork to launch its initial public offering.

A 2020 report from ThredUp predicts that the resale market will reach $44 billion by 2029.