Everyone loves a good deal and LePrix, formerly known as SnobSwap, is giving luxury brand lovers the discounts they’ve been waiting for. From Gucci to Christian Louboutin, LePrix is reshaping how customers look at consignment and online shopping.
Founded in 2014 by sisters Elise Whang and Emily Erkel, SnobSwap’s platform originally allowed users to swap clothing items within the website. After rebranding to LePrix, the feature was discontinued and the website has been completely revamped.
“It was a really tough decision to rebrand,” said Whang. “But we asked our customers and 84 percent said that they didn’t like the name SnobSwap.”
Whang said that many of the customers didn’t like the connotation of the word “snob” and that SnobSwap was a bit of a tongue twister. She said LePrix is a name the company will be able to grow into and that its customers love it.
"LePrix means ‘the prize’ in French, and it’s perfect for describing why people love second-hand shopping."
LePrix currently features 500 designer resale stores across the United States, Asia and Europe. The platform offers a number of luxury brand items at discounted prices and in-network boutiques can liquidate and buy excess inventory amongst each other from the LePrix Wholesale channel.
LePrix and consignment store popularity highlights a national resale trend. According to a 2018 ThredUp report, the resale market will reach $41 billion by 2022. The report also states that 44 million women shopped secondhand in 2017, up from 35 million in 2016.
Other platforms such as LetGo, Offer Up and Facebook MarketPlace made their way into the digital consignment marketplace; however, these platforms' lax vetting processes leave customers vulnerable to buying fake goods.
LePrix offers a multi-step verification process to ensure that each item on its website is authentic. Consignment boutiques must apply and go through a verification process before they can become a part of the LePrix network. The company also conducts random verifications of the brick and mortar stores. Lastly, partner stores use Entrupy, a device that authenticates luxury items.
“Shopping for a second-hand designer can create anxiety for customers,” said Whang. “They have to spend a lot of time researching, but they can feel at ease with us.”
Whang said rebranding to LePrix was a big move for the company, but it has opened more opportunities for the team.
“LePrix encapsulates the DNA of our industry and our customer,” said Whang. “LePrix means ‘the prize’ in French, and it’s perfect for describing why people love second-hand shopping because they feel like they’ve won a prize after hunting in a store.”
