SINGAPORE, July 02, 2019 (GLOBE NEWSWIRE) -- Reebonz Holding Limited (the “Company” or “Reebonz”; Nasdaq: RBZ), today announced that it has expanded its recently launched “Sell to Reebonz” service to five new markets: Malaysia, Indonesia, Hong Kong, Taiwan, and Australia.
The “Sell to Reebonz” service makes selling as easy as buying and gives all luxury consumers an easy and trusted way of selling their pre-owned designer products. With a constantly growing catalog that currently includes over 34,000 designer items, potential sellers can browse the Sell Catalog (https://www.reebonz.com/sg/sell), match their item, and swiftly sell it to Reebonz for Reebonz credits that can be used for their next purchase on Reebonz.com. If an item isn’t available in the catalog, sellers can send pictures of their items through WhatsApp to a Reebonz Atelier to receive a quote. Sellers can receive credits within 24 hours based on the guaranteed price shown in the Sell Catalog, subject to final condition of the item. The Company first launched the service in Singapore in May 2019 and has since expanded it to the above-mentioned markets with localized websites for currency and language.
The pre-populated catalog makes it hassle-free for a customer to submit their items and arrange collection. Now customers don’t need to take their own pictures – Reebonz has done the work for them! With a few clicks, the item can be sold to Reebonz, a process that often takes weeks or months with traditional consignment businesses or peer-to-peer marketplaces. Reebonz has also leveraged its years of experience and data to offer an upfront price in order to increase transparency and build trust with the seller.
Daniel Lim, Co-Founder and Chief Product Officer of Reebonz, commented, “We are in the midst of a revolution in Asia as consumers have increasingly started to recognize the value and greater sustainability that pre-owned products offer. Over the past decade, we have been fortunate to have cultivated a loyal base of buyers and sellers who think of us as their trusted partner for buying and selling luxury products. This could not have been possible if we had not significantly invested in building a team of experienced Ateliers that specialize in authenticating high value products, from leather goods, timepieces, to jewelry. We are excited to expand our “Sell to Reebonz” service to some key new markets. Our customers are increasingly conscious of their choices, especially in the luxury category, and we believe we are empowering them with trust, data, and speed to drive their decisions.”
Headquartered in Singapore and founded in 2009, Reebonz (pronounced “ribbons”) is the trusted online marketplace and platform for buying and selling new and pre-owned luxury products in the Asia Pacific region. Leveraging data and technology, Reebonz makes luxury accessible by operating as an eco-system of B2C e-tail and B2C marketplace for over 1,000 brands and 172 boutiques, supported by C2C marketplaces that enable individuals to sell through its platform. With an easy shopping experience, members can enjoy convenient access to the selection of products that Reebonz sources as well as from a curated collection of multi-brand luxury boutiques from all around the world.
Forward-Looking and Cautionary Statements
Certain statements made in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Reebonz’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the ability to maintain NASDAQ’s continued listing standards; Reebonz’s ability to manage growth; the reaction of Reebonz customers and suppliers to its business combination; rising costs adversely affecting Reebonz’s profitability; potential litigation involving Reebonz’s intellectual property; and general economic and market conditions impacting demand for Reebonz’s products. See the risk factors disclosed in Reebonz’s most recently filed prospectus, filed with the SEC on April 17, 2019 for additional risks. Reebonz does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Source: Reebonz Limited