- The Series B tour was led by Goat Group, the sneaker resale giant; The CEO of Gucci and the ArtÃ©mis Group, the investment vehicle of the Pinault family, have also joined.
- Grailed now has 7 million users and over 3 million product listings.
Remote control: CEO Arun Gupta told Retail Brew that counterfeits made up less than 0.5% of Grailed’s transactions. (His community platform spans the gamut from a $ 18,000 Saint Laurent suit to a $ 90 Off-White t-shirt.)
But while many resale businesses use some sort of physical space to authenticate merchandise, Grailed’s process is entirely digital, a process he aims to drive forward with new capital.
- He currently uses a mix of machine learning and a âdecentralizedâ network of moderators with expertise in key categories and brands.
âBecause we are doing this, we are reducing carbon emissions, and we are doing it in a much more cost effective way,â Gupta said. “I can sell you an item for $ 400, and I’m making money, the seller is making money, and the buyer is really happy.” “
The big picture: Digital authentication has gained ground in recent yearsâGoat and Fashionphile have dipped their toes into tech, as resale companies look to compete in the saturated space. Mercari from Japan itself introduced its own remote authentication service that verifies products within 48 hours.
+1: Tradesy, another luxury resale marketplace, announcement $ 67 million in new funding yesterday.âJS