THE WHAT? Resale platform Reflaunt has raised $2.7 million in a pre-series A funding round from luxury investors, led by SLS Journey, the investment arm of luxury fashion distributor MadaLuxe Group.
THE DETAILS Other investors include Ganni Founder Nicolaj Reffstrup, The Textile Innovation fund and former Jimmy Choo CEO Pierre Denis.
Seed investor The Mills Fabrica also increased its stake.
The recent funding round brings the total amount raised to $3.7 million, including the initial investment round led by Balenciaga CEO Cédric Charbit, Swarovski creative director Giovanna Battaglia and Yellow Octopus Group.
THE WHY? The ongoing investment from luxury groups highlight a growing acceptance of the merging of high-end fashion and re-sale and second hand sites.
Investor Reffstrup told WWD.com, “Improving the detrimental impact that the fashion industry is having on our world requires a holistic approach to responsible behaviour. Just replacing conventional fabric with organic alternatives is far from enough. To truly address the challenges we have created for ourselves we also need to consider how our products are consumed and treated post-consumption.”