Reebonz Announces Launch of “Sell Back Guarantee” in the United States
10 April 2019 - 10:54PM
Reebonz Holding Limited (the “Company” or “Reebonz”; Nasdaq: RBZ),
a leading online luxury marketplace and platform in Southeast Asia,
announced today that it has launched its “Sell Back Guarantee”
service in the United States. With this addition, Reebonz aims to
deepen its relationship with customers in the U.S.
Reebonz is the first e-commerce company to
introduce this innovative service, born from understanding and
fulfilling customers’ unmet needs. The Sell Back Guarantee service
will leverage the popular concept of “trade-in” and give customers
a guaranteed price that the Company will pay to buy back products
that were initially sold on its platform. Customers will be offered
currency, called Reebonz Credits, that can be used for future
purchases on the platform. Sell Back Guarantee will only be
applicable to certain brands, product categories, and countries.
After initial testing of Sell Back Guarantee in Singapore, Hong
Kong, Taiwan, Malaysia, Australia, and Indonesia, customers have
fallen in love with the service because it has helped to address a
key pain point of luxury shopping – too many products, too little
space! By making it as simple as the click of a few buttons,
customers can ship their products back to Reebonz, receive their
credits, and start shopping, all within a few days.
Reebonz has analyzed its data collected over the
past decade to understand pre-owned luxury product pricing between
buyer and seller. By aggregating third party data along with its
own, the Company has taken the bold step of clearly stating a
buy-back price upfront, which can also help increase the likelihood
of customer conversion.
Fueling the pre-owned trend, individuals can not
only buy trusted, authentic products from Reebonz, but also sell to
Reebonz, overcoming some of the barriers that traditional
marketplaces create. As a customer-centric company, Reebonz aims to
deliver seamless buying and selling services to increase the
lifetime value of each customer.
Daniel Lim, Co-founder and Chief Product Officer
of Reebonz, commented, “We are extremely excited to launch our Sell
Back Guarantee in the United States. In our experience, we have
observed that customers that use the Sell Back Guarantee have
higher organic engagement with Reebonz. Their purchase frequency
has increased as has their average net GMV per user. We believe
that this service is another important addition to our ecosystem
strategy, where we constantly look for new and innovative ways to
help buyers become sellers, and thus create a seamless experience
within the Reebonz platform.”
Forward-Looking and Cautionary
Statements Certain statements made in this release are
“forward-looking statements” within the meaning of the “safe
harbour” 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 regain compliance with NASDAQ stockholders’ equity
and continue to meet NASDAQ’s 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 the definitive proxy statement. Reebonz’s Annual
Report on Form 20-F for the year ended December 31, 2018 for
Reebonz’ business combination 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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