Reebonz Holding Limited operates as an online retailer of luxury goods and provides a marketplace for sellers to sell luxury goods.
The company operates through B2C Merchandise Business and Marketplace Business models.
B2C Merchandise Business
The company’s major business is its B2C Merchandise Business, where it sells authentic new luxury goods sourced from authorized distributors and luxury wholesalers and authenticated pre-owned luxury goods sourced from individuals, pre-owned luxury deale...
Reebonz Holding Limited operates as an online retailer of luxury goods and provides a marketplace for sellers to sell luxury goods.
The company operates through B2C Merchandise Business and Marketplace Business models.
B2C Merchandise Business
The company’s major business is its B2C Merchandise Business, where it sells authentic new luxury goods sourced from authorized distributors and luxury wholesalers and authenticated pre-owned luxury goods sourced from individuals, pre-owned luxury dealers and auction houses. Its online direct sales are made through its Websites, including www.reebonz.com, and its mobile app to registered members. Utilizing its understanding of buyers’ preferences, as well as its merchandizing capabilities, the company sells its luxury goods primarily through limited-time curated sales events and through open catalogue shopping on its Websites. Its limited-time curated sales events consist of a selected collection of luxury goods that focus on a certain brand or product type and are available at a discount for a limited period of time.
The company provides buyers with delivery within an average of three business days (in the case of delivery within Singapore) or five business days (in the case of delivery outside Singapore, except Indonesia, Thailand, Korea and China where it delivers within seven business days). Offline direct sales are made through the company’s offline channels, which include its retail lounges and pop-up events.
Marketplace Business
The company’s Marketplace Business consists of its B2C Merchant’s Marketplace and C2C Individual Seller’s Marketplace.
B2C Merchant’s Marketplace
The company operates B2C Merchant’s Marketplace in Singapore. Its B2C Merchant’s Marketplace aggregates multi brand boutiques, shops that sell new and pre-owned luxury goods and vintage luxury dealers curated by the company from around the world. Merchants are able to use its Websites to sell new and pre-owned luxury goods and could also open an online boutique. The company is also working directly with brands and has added local designers and other independent brands to its platform to expand its product selection and be a platform of discovery for young designers.
Goods are sold and shipped directly from sellers to buyers using the company’s fulfillment services, which it provides through third party logistics providers. These fulfillment services include pick up from the merchant, delivery to the buyer and processing of payments, returns and refunds. The company provides Reebonz Limited (Reebonz) packaging to each of the merchants it works with.
As of December 31, 2018, the company’s B2C Merchant’s Marketplace offered 251,556 SKUs from 180 merchants for sale. It also has direct collaborations with 33 Asian Designers and 25 Independent Brands. Products have been shipped through the company’s B2C Merchant’s Marketplace to, among other locations, Singapore, Hong Kong, Malaysia, Australia, the Middle East, North America and Taiwan.
C2C Individual Seller’s Marketplace
The company’s C2C Individual Seller’s Marketplace allows individuals to sell luxury goods to buyers. The company operates Reebonz Closets, which is a marketplace that allows members to sell authenticated, pre-owned luxury goods directly to buyers in the same country through its platform. Reebonz Closets is a social marketplace that enables social discovery of pre-owned luxury goods using mobile devices. The company allows sellers to photograph, upload information about and sell their luxury goods. Customers could comment on, ‘like’ and share items posted for sale by other customers. Sellers and buyers could use the chat function in its mobile app to exchange product information and negotiate pricing.
The company provides payment, fulfillment, and authentication services by its team of ateliers at a collection spoke. Its collection spokes function as collection locations for its White Glove Service, which include warehouses to store pre-owned items until they are sold and authentication points in countries with Reebonz Closets.
The company allow products from 160 brands to be sold through Reebonz Closets, which it authenticates and assists in fulfillment and payment between buyer and seller and each item must exceed a minimum value threshold. It also allows products to be sold from 1,955 brands which it don’t authenticate but assist in fulfillment and payment between buyer and seller.
The company’s Reebonz Closets also allows customers to transact directly with other customers whereby it does not provide payment, fulfilment nor authentication services. It also provides return and refund processing services where the cost of shipping for returns is borne by the buyer.
As of December 31, 2018, the company’s Reebonz Closets platform was available in Singapore, Hong Kong, Taiwan, Malaysian, Thailand, and Indonesia.
The company also provides individual sellers with its White Glove Service for higher-end luxury goods. It takes goods meeting certain criteria on consignment from individuals in countries where it has collection spokes, such as Singapore, Hong Kong, Taiwan, South Korea, Malaysia and Australia, and offers them for sale through its online catalogue (where such goods are not distinguishable from pre-owned goods sold directly by it as it does not mention the individual seller’s identity), and in addition to authentication, provides valuation, photography, written product descriptions and fulfillment services.
As of December 31, 2018, the company’s Individual Sellers Marketplace had 49,195 sellers who had uploaded 401,849 SKUs.
Product Offerings
Product Categories: The new and pre-owned branded luxury goods that the company sells through its B2C Merchandise Business include handbags; small leather goods and other accessories; watches; shoes; and jewelry.
Through its C2C Individual Seller’s Marketplace and its B2C Merchant’s Marketplace, sellers also sell apparel, as well as other products.
Strategy
The key elements of the company's strategy include to enhance and scale its Marketplace Business; continue to expand the product categories, brands and number of SKUs available on its platform; and continue to improve customer experience and loyalty.
Customers
Customers of the company’s B2C Merchandise Business are primarily individual buyers of luxury goods. In its Marketplace Business, the company’s customers are sellers of goods through its platform, from which it earns commissions from the sale of goods to buyers.
Buyers
Due to the nature of the company’s products, majority of its buyers are women. It had 119,659 total buyers in 2018, among which 41.7%, respectively, were repeat buyers.
Sellers
In the company’s C2C Individual Seller’s Marketplace, sellers are individuals with its memberships. As of December 31, 2018, majority of the company’s sellers through its C2C Individual Seller’s Marketplace were prior members. In 2018, its C2C Individual Seller’s Marketplace had 14,862 sellers. In its B2C Merchant’s Marketplace, the company’s sellers include multi-brand boutiques, shops selling new and pre-owned items and vintage luxury dealers curated by it and located around the world. As of December 31, 2018, the company’s B2C Merchant’s Marketplace had 180 merchants.
Personalized Services
The company offers personalized services to buyers through its account management system by allowing them to customize their payment and delivery preferences. Buyers could link their Reebonz accounts with other major social networks, such as Facebook and payment platforms, such as Paypal. In certain cases, localized payment channels are available for its members. Buyers could also log in to keep track of their loyalty point balances and order status. The company allows buyers to subscribe to future sales notices through text messages, e-mails and mobile ‘push’ notifications.
Offline Channels
The company’s offline channels include retail lounges in Singapore, Malaysia and Australia, as well as pop-up events throughout the markets in which it operates. The company also sells products to its VIP members through private sales coordinated by its relationship managers.
Retail Lounges: To complement its Internet platform, as of December 31, 2018 the company had a retail lounge in each of Singapore, Malaysia and Australia. The company’s retail lounges provide it with a physical presence to provide customer service to its members, including the opportunity to touch and feel products viewed online before making a purchase, and with a physical venue for events and private sales. The company’s retail lounges are boutiques that are open to the public and attracts walk-in buyers, or where existing members might shop. Periodically, the company offers member-only events in its retail lounges. The company’s retail lounges also function as buyer service centers where buyers could interact with its staff, and as collection locations for its White Glove Service. They carry both new and pre-owned products. The company has an omni-stock approach by which products in its retail lounges are continued to be displayed online, allowing the product to have the chance of being purchased since a customer could purchase the stock in the offline channel or the online channel.
Pop-up Events: The company’s pop-up events consist of events held for a limited time in certain cities as part of its marketing efforts. They are invitation-only events targeted at certain categories of buyers (such as holders of certain higher-tiered credit cards) and held at hotel ballrooms or other similar locations. Its pop-up events carry both new and pre-owned products. In certain circumstances, the company also invites third-party merchants curated by it to sell at its pop-up events.
Localization
The company offers localized services to its buyers and sellers. Ten of its local Websites are localized for language, currency, payment gateways, sale events, promotions and customer service, while 33 of its Websites are localized for language and/or currency. Each localized Website has localized pricing and allows payments and refunds in local currency. In addition, certain local Websites have additional features offered only in certain key markets. Some of its localized Websites have a feature through which buyers and sellers could speak with customer service representatives. In some countries, through its partnerships with 62 financial institutions, the company offers buyers free credit card installment plans, which allows buyers to pay for products through installment payments which are made to the partner bank, while it receives full payment up front. Through its third-party logistics providers, local collection spokes and collection locations, the company offers sellers convenient pickup and drop-off for their items.
Intellectual Property
As of December 31, 2018, the company owned one computer software copyright, held one perpetual license agreement to use a software platform relating to various aspects of its operations and maintained 10 trademark registrations in Singapore and 62 trademark registrations outside Singapore. The company had 18 trademark applications pending outside Singapore. It had 46 domain name registrations, including reebonz.com, among others.
Regulation
Various Internet content providers (various persons who maintain Websites), including the company, are governed by an automatic class license, pursuant to the Broadcasting Act of Singapore (Chapter 28) and the Broadcasting (Class License) Notification. Internet content providers must comply with Internet codes of practice as the Singapore Media Development Authority, might issue from time to time, and must ensure that its services are not used for various purposes or contain various programs that is against the public interest, public order or national harmony or offends good taste or decency.
As a seller of pre-owned luxury goods, the company is subject to the Secondhand Goods Dealers Act (Chapter 288A) of Singapore, which requires dealers of certain secondhand goods, including watches and certain types of jewelry, to obtain a license or an exemption from the Singapore police before commencing operations.
Competition
The company’s primary competitors include global and regional online general retailers and marketplaces, global and regional online fashion retailers, luxury department retailers’ online stores, luxury brand owners’ online stores, regional multi-label concept retailers, and specialist online luxury retailers, such as Yoox Net-A-Porter and Farfetch.
Significant Events
In July 2019, Reebonz Holding Limited announced that it has expanded its 'Sell to Reebonz' service to selected jewelry and accessories. With this category expansion, Reebonz intends to provide various options on products that could be sold back to the platform. Reebonz originally launched the 'Sell to Reebonz' service in May 2019 in Singapore in categories, such as bags, small leather goods and watches. With a pre-populated list of products, customers could expedite the selling process by choosing the product they want to sell, and receive Reebonz Credits for the products that are accepted. With Reebonz Credits in their account, customers could make additional purchases and offset some of the costs. Reebonz expanded the 'Sell to Reebonz' service in Malaysia, Indonesia, Hong Kong, Taiwan, and Australia. Pre-owned jewelry and accessories from selected coveted brands, such as Chanel, Hermès, Christian Dior, Bvlgari, Cartier, Celine, among others, are added to the catalog.
In August 2019, Reebonz Holding Limited announced that it has launched a store on eBay.
History
Reebonz Holding Limited was founded in 2009.
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