1stdibs

Last updated
1stDibs
Company type Public [1]
Nasdaq:  DIBS
Industry E-commerce
Online marketplace
Founded2000;24 years ago (2000) in Paris, France [2]
Founder Michael Bruno [3]
Headquarters
New York City, New York
,
United States [4]
Area served
Worldwide
Key people
David Rosenblatt
Website www.1stdibs.com

1stdibs (stylized as 1stDibs) is an e-commerce company. It has an online marketplace, which sells luxury items such as high-end furniture for interior design, fine art and jewelry. [5] [6] The company has been recognized for "pushing the antiques business into the 21st century." [7] Originally founded in Paris, it is currently headquartered in New York City.

Contents

History

1stDibs was founded in 2000 by Michael Bruno as an online luxury marketplace for antiques after he visited the Marché aux Puces in Paris, France. [8] 1stDibs.com started as a listings site for art dealers to sell offline, but the site was redesigned in 2013 to give buyers the option to purchase items online. [2] The company has received praise for restricting its listings to authorized dealers for authenticity, [9] and scrutiny for preventing dealers from completing a negotiation offline to avoid the company's commission fees. [7]

In 2015, 1stDibs raised $50 million from venture capital firm Insight Partners. Part of that funding went to buy out all shares held by Bruno, who had stepped away from day-to-day operations. The raise added Deven Parekh from Insight to the company's board. [10]

In March 2019, the company completed a Series D funding round of $76 million. It has received $170 million in funding to date and has a valuation of more than $500 million. [11] [12] As of February 2019, 1stDibs works with 4,000 dealers in 28 countries. [13]

In December 2019, 1stDibs closed its brick-and-mortar location at Terminal Stores after the new owner of the building began a large-scale construction project. [14]

In March 2021, due to increased online shopping as a result of the COVID-19 pandemic and to increased demand via social network Instagram, 1stDibs showed a 20% increase in demand for its vintage products, with some categories increasing 80%. [15]

In June 2021, the company went public on the Nasdaq, under the symbol DIBS. [16]

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References

  1. ↑ Spero, Josh (17 May 2017). "New kids on the block: rise of the online art auction". The Financial Times. Retrieved 1 August 2019.
  2. 1 2 Evans, Katie (28 September 2018). "How 1stdibs.com carved out a luxe e-commerce niche". Digital Commerce 360. Retrieved 4 August 2019.
  3. ↑ Rosman, Katherine (13 February 2014). "The Treasures of 1stdibs's Michael Bruno". The Wall Street Journal. Retrieved 3 August 2019.
  4. ↑ Griffith, Erin (9 September 2015). "Exclusive: 1stdibs quietly raised $50 million from Insight Venture Partners". Fortune. Retrieved 3 August 2019.
  5. ↑ Ankeny, Jason (27 July 2015). "How This Site Became the Go-To Marketplace for Rare and Antique Goods". Entrepreneur. Retrieved 1 August 2019.
  6. ↑ Garrahan, Rachel (18 March 2015). "1stdibs spies jewellery opportunity". The Financial Times. Retrieved 1 August 2019.
  7. 1 2 Kurutz, Steven (11 March 2016). "Antique Dealers Protest New 1stdibs Rules". The New York Times. Retrieved 1 August 2019.
  8. ↑ Little, Rebecca (13 April 2013). "The game-changer for antiques shops". Crain's Chicago Business. Retrieved 1 August 2019.
  9. ↑ Danziger, Pamela (15 March 2018). "1stdibs Already Decorates The Homes of The Wealthy; Now It Wants To Fill Their Lives". Forbes. Retrieved 4 August 2019.
  10. ↑ Griffith, Erin. "Exclusive: 1stdibs quietly raised $50 million from Insight Venture Partners". Fortune. Archived from the original on 2015-09-10. Retrieved 2021-06-16.
  11. ↑ Luckel, Madeleine (28 March 2019). "1stdibs Raises $76 Million in Series D Funding". Architectural Digest. Retrieved 2 August 2019.
  12. ↑ Roof, Katie (28 March 2019). "Marketplace 1stdibs Grabs $76 Million to Expand Luxury Platform". The Wall Street Journal. Retrieved 2 August 2019.
  13. ↑ Green, Penelope (11 February 2019). "1stdibs Inches Closer to the One Percent". The New York Times. Retrieved 1 August 2019.
  14. ↑ Luckel, Madeleine (20 December 2019). "1stdibs Shutters Gallery, Michael S. Smith Debuts Direct-to-Consumer Line, and More News This Week". Architectural Digest. Retrieved 2020-07-30.
  15. ↑ Kaysen, Ronda (2021-03-05). "A Pandemic-Driven Love Affair With All Things Vintage". The New York Times. ISSN   0362-4331 . Retrieved 2021-06-16.
  16. ↑ "1stdibs.com, Inc. Announces Closing of Initial Public Offering". Yahoo! Finance. June 15, 2021.
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