Reebonz Announces Positive Sell Back Guarantee Data
August 22 2019 - 9:00AM
Reebonz Holding Limited (the “Company” or “Reebonz”; Nasdaq: RBZ),
a leading online luxury marketplace and platform in Asia Pacific,
announced today that the Company’s new Sell Back and Sell Back
Guarantee services have helped increase lifetime value, ARPU, and
total spend of approximately 80% of the buyers who took advantage
of these services. Reebonz believes that the positive data speaks
to the power of the Company’s network effects, and provides proof
of concept of the new service.
The Sell Back Guarantee is one of the newer and
more innovative features that Reebonz has launched as it seeks to
address a gap in the market by easing the process of selling
pre-owned luxury products. Customers can trade in their products
for Reebonz Credits and use the Credits to make other purchases on
the platform. The Company believes this service essentially creates
a virtuous cycle with network effects within the Reebonz
ecosystem.
Early data shows that customers who have chosen
to take advantage of the Sell Back Guarantee services, have
generated approximately SGD$2.00 to $2.50 of GMV for Reebonz for
every dollar of credit utilized, inclusive of GMV generated by
reselling the pre-owned products the Company receives.
Samuel Lim, Co-founder and Chief Executive
Officer of Reebonz, commented, “We are extremely excited to share
some of our early observations about the Sell Back and Sell Back
Guarantee services. It has been encouraging to see that the number
of credits issued have approximately doubled every quarter since
launch. Our users are realizing that there is real value in their
closets in the form of pre-owned products that they don’t use
anymore. They are able to update their collections quickly by
selling items and buying new products with a combination of cash
and credits. Some of our customers have already used the Sell Back
Guarantee over 5 times since launch! As we convert more buyers to
sellers, and sellers to buyers, we believe we can achieve a clear
path to profit with high quality repeat customers, and the ability
to aggregate more inventory and sellers. The Sell Back Guarantee is
still in its early days, and we continue to be in an
experimentation and expansion mode. However, we are excited about
the early results.”
Forward-Looking and Cautionary
StatementsCertain 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.
About Reebonz:
Headquartered in Singapore, Reebonz is the
trusted online platform for buying and selling a wide range of
luxury products. Reebonz makes luxury accessible by giving our
members more from the world of luxury through Reebonz.com and
Reebonz Closets app—a standalone C2C platform that allows customers
to buy and sell their pre-owned items to a community of over 5.5
million members. With an easy shopping experience, members can
enjoy convenient access to new and pre-owned luxuries curated from
all around the world. Reebonz has offices located in Australia,
Hong Kong, Indonesia, Malaysia, South Korea, Thailand, and
Taiwan.For investor and media inquiries, please
contact: Reebonz Holding Limited | ir@reebonz.com
Christensen | Tip Fleming | tfleming@ChristensenIR.com | Contact:
+1 917 412 3333
For more information on Reebonz, please visit
www.reebonz.com
Stay connected with us
at:Facebook: @ReebonzSG |
Instagram: @ReebonzOfficial
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