What's old is new again. And still pretty valuable.
According to Bloomberg, the women's fashion resale market is a $16B industry. Today, Luxury Garage Sale, a Chicago-based fashion startup, has raised $1.5M from local investors to capture a piece of this emerging market. Led by Chicago Ventures and prominent Windy City angels including Brian Spaly and Elle Bruno of Trunk Club, Paul Lee, and Apex Ventures' Lon Chow, Luxury Garage Sale will use this Seed round to expand into other markets and redefine the scope of its omni-channel business.
Both online and in-store, the startup provides shoppers with a curated selection of new and gently-used designer brand and vintage wardrobe items. Luxury Garage Sale emphasizes white-glove service to both buyers and sellers, delivering the same high-end customer experience across four platforms - a retail boutique, a website, an eBay store, and pop-up shops.
"Luxury Garage Sale is building the preeminent resale brand through our curated, exclusive, high fashion shopping experience," said Co-Founder Lindsay Segal. "We are not a marketplace. We are not a resale shop. We are a luxury brand."
To accelerate growth, the startup will head first to Dallas, where it will launch in the Spring. Outside of expanding into new markets, Luxury Garage Sale will also use this round to increase operations in Chicago.
"Founders Brielle and Lindsay have proven that there's a big need for Luxury Garage Sale's unique, hands-on experience for luxury consignment buyers and sellers," said Kevin Willer, Partner at Chicago Ventures. "We're excited about the large market opportunity as they scale their native e-commerce presence and into new cities to address that need, using the successful model they've built."
Coinciding with this round, the startup also announced the addition of Spaly to its Board of Directors. A seasoned entrepreneur, Spaly has led two fashion startups, most notably Trunk Club, the men's fashion delivery service he founded in 2009 and then sold to Nordstrom's in 2014 for $350M.
"Options are plentiful when shopping for luxury products," said Spaly. "However, the sharing and resale economy neglects the luxe experience traditionally associated with designer shopping. Luxury Garage Sale stands for this experience. It is what makes their partners – both consigners and buyers – so loyal to their brand and offering. I look forward to supporting LGS as they expand their brand nationally."
(Image via luxurygaragesale.com)
