ShopWorn (e-commerce site)

Last updated

ShopWorn is a platform based in the United States offering luxury consumer goods from 'unsold and past season's inventory'. [1] [2] [3] [4] [5]

History and Reception

The platform was founded in November 2015 by Larry and Richard Birnbaum, who had been dealing with garment trade and used watches at EBay since 1998. [6] Initially they used to sell knitted clothing manufactured by the hubs at Manhattan and Argentina and finally used to sell Ralph Lauren and Tommy Hilfiger branded garments. Fortune, covered the venture of Birnbaum brothers in the report “Going Pro on eBay”. [7] [8] In 2015, ShopWorn started its operation with its sole warehouse at Cresskill. In October 2020, ShopWorn started its operation in Asia-Pacific Region, [9] as it opens its office in Hong Kong. [10] In December 2020, Frank Crisci, the former VC of Neiman Marcus was recruited as the user experience advisor at ShopWorn. [11] [12] [13] In March 2021, former GM of Google Hong Kong and former VC of Yahoo Asia, Philip Chan was appointed as the MD of ShopWorn Asia. [14] [9]

Shopworn provides consumer goods that are said to be not pre-owned, rather are said to be from the 'unsold stock' or collected from the 'leftover inventory' from the 'authorized retailers'. [14] Luxury Daily reported that the concept of 'not new, not pre-owned' was utilized by ShopWorn with success whereas Women's Wear Daily expressed the concern that ShopWorn would face difficulty to compete with typical luxury retailers. [15] [16] The model of functioning of ShowWorn has been said to address the 'inventory problem' faced by the brand where a indecisiveness prevails with the unsold stock at the end of every season. Such practices has also been said to be environmentally friendly and sustainable. [15] [4] [17] The New York Times analyzed and predicted the cultural differences between the people of The US and Europe and Asia as the reason for the acceptability of the concept of the ShopWorn. [3] [18] Watch specialist Robert Farago in November 2020 described ShopWorn as a platform "new to the field of “gray market” (new-in-box) timepieces.....Shopworn is selling “unofficial” gray market watches at the same discounts" [19] but later recanted his words explaining "They’re anti-gray market. The distinction requires explanation.. Shopworn doesn’t sell pre-owned watches....While the imported watches are new-in-box they’re not sold as new. That’s because the watch may have been displayed/handled in the shop. Hence the term “shop worn.”". [20]

Related Research Articles

Copley Place Shopping mall in Boston, Massachusetts, United States

Copley Place is an enclosed shopping mall within the mixed-use Copley Square in the Back Bay neighborhood of Boston, Massachusetts. It features direct indoor connections to several nearby destinations including four office towers, and the Boston Marriott Copley Place and Sheraton Boston hotels. The mall is connected to the Prudential Center shopping mall via a skybridge over Huntington Avenue.

Louis Vuitton France-based international fashion house and luxury retail company

Louis Vuitton Malletier, commonly known as Louis Vuitton or by its initials LV, is a French fashion house and luxury goods company founded in 1854 by Louis Vuitton. The label's LV monogram appears on most of its products, ranging from luxury trunks and leather goods to ready-to-wear, shoes, watches, jewelry, accessories, sunglasses and books. Louis Vuitton is one of the world's leading international fashion houses. It sells its products through standalone boutiques, lease departments in high-end departmental stores, and through the e-commerce section of its website.

Burberry is a British luxury fashion house headquartered in London, England. It currently designs and distributes ready to wear including trench coats, leather goods, footwear, fashion accessories, eyewear, fragrances, and cosmetics.

Bottega Veneta

Bottega Veneta is an Italian luxury fashion house based in Milan, Italy. Its product lines for men and women include ready-to-wear, handbags, shoes, accessories, jewellery and fragrances.

Titan Company Indian watch manufacturing company

Titan Company Limited is an Indian lifestyle company that mainly manufactures fashion accessories such as watches, jewellery and eyewear. Part of the Tata Group and started as a joint venture with TIDCO, the company is headquartered in Electronic City, Bangalore.

Bergdorf Goodman Department store in New York City, New York, United States

Bergdorf Goodman Inc. is a luxury department store based on Fifth Avenue in Midtown Manhattan, New York City. The company was founded in 1899 by Herman Bergdorf and was later owned and managed by Edwin Goodman, and later his son, Andrew Goodman.

Alfred Sung is a Canadian fashion designer and businessman. He is well known for producing apparel, fragrance, accessories and home fashions for women and men. He was born in Shanghai and raised in Hong Kong. Sung is the brother of late Hong Kong actress Lydia Shum. He is also a founder of Club Monaco, a mid-priced, high-end casual clothing retailer.

Kering French-based multinational corporation

Kering is a French-based multinational corporation specialized in luxury goods. It owns the luxury brands Gucci, Yves Saint Laurent and Bottega Veneta.

Shanghai Tang Hong Kong luxury fashion brand intended to rejuvenate 1920s and 1930s Chinese fashion

Shanghai Tang is a Hong Kong luxury fashion house founded in 1994 by Hong Kong businessman David Tang. The brand is known for its luxury homeware collection, and its fine bone china is the finest type of porcelain with its superior whiteness, translucency and higher strength. In 1998, Richemont acquired David Tang's controlling stake in the business.

Westfield Valley Fair Shopping mall in California, USA

Westfield Valley Fair, commonly known as Valley Fair, is an prominent shopping mall in San Jose, California, in Silicon Valley. Valley Fair is one of the largest malls in the United States and has the highest sales revenue of any mall in California. It is located on Stevens Creek Boulevard in West San Jose. The anchor stores are 2 Macy's stores, Bloomingdale's, and Nordstrom.

Plaza Frontenac Shopping mall in St. Louis, Missouri

Plaza Frontenac is an upscale, two-level, enclosed, regional shopping center in Frontenac, Missouri. Opened in 1974 and anchored by Saks Fifth Avenue and Neiman Marcus, it has high-end tenants, many of which are unique to the region. Since 2018, Plaza Frontenac has been owned by a joint venture between Canada Pension Plan Investment Board and Brookfield Properties Retail Group.

Damiani (jewelry company)

Damiani S.p.A or Damiani Group, is an Italian luxury jewelry corporate group that designs, manufactures, distributes and sells jewelry and luxury watches. It was founded in Italy in 1924. The company uses celebrity endorsements to market its products. In the early 2000s the company had a dispute with Brad Pitt and Jennifer Aniston regarding the use of their names and wedding ring designs. The dispute was settled for $50 million and the couple helped Damiani create and market a line of products. Damiani expanded across Asia and the US. It went public in 2007. Its most well-known jewelry product brands are Salvini, Alfieri & St. John and Bliss.

Neiman Marcus American luxury specialty department store

Neiman Marcus Group, Inc., originally Neiman-Marcus, is an American chain of luxury department stores owned by the Neiman Marcus Group, headquartered in Dallas, Texas. The company also owns the Bergdorf Goodman department stores and operates a direct marketing division, Neiman Marcus Direct, which operates catalog and online operations under the Horchow, Neiman Marcus, and Bergdorf Goodman names. Neiman Marcus is currently owned by the Toronto-based Canada Pension Plan Investment Board and Los Angeles–based Ares Management. The company filed for bankruptcy on May 7, 2020, due to high debts.

Kate Spade New York American fashion design house

Kate Spade New York is an American luxury fashion design house founded in January 1993 by Kate and Andy Spade. Jack Spade is the brand's line for men. Kate Spade New York competes with Michael Kors. In 2017, the company was purchased by, and is now part of, Tapestry, Inc., formerly known as Coach.

Slyce

Slyce Inc. is a visual search and recognition company headquartered in Philadelphia, Pennsylvania, with operations in New Waterford, Nova Scotia. The company developed image recognition technology that can identify products based on a picture and allow the user to purchase the item on their smartphone. The company has partnered with a number of retailers in the United States and Europe to operate its technology inside their mobile applications, including Neiman Marcus, Best Buy, and Home Depot. The company also operates two other mobile apps, Craves, and SnipSnap.

Tory Burch LLC is an American fashion label based in New York City, New York, United States. It was founded by American designer Tory Burch in 2004. Pierre-Yves Roussel is the current CEO of the company.

Gabriela Hearst is a Uruguayan women's luxury ready-to-wear and accessories designer. In addition to designing her namesake collection, she runs and operates her family's ranch in Uruguay.

Peter Millar is a premium American lifestyle brand founded in 2001 in Raleigh, North Carolina which produces casual sportswear, tailored dress furnishings, luxury and performance golf attire for men and women. The company maintains it headquarters in Raleigh, North Carolina and is an owned subsidiary of Compagnie Financière Richemont SA.

The RealReal, Inc. is an online and brick-and-mortar marketplace for authenticated luxury consignment. Based on the circular economy, The RealReal sells consigned clothing, fine jewelry, watches, fine art and home decor. It employs an in-house staff of experts including horologists, gemologists, art curators and luxury fashion authenticators who inspect items for authenticity and value.

Hodinkee, stylized as HODINKEE, is a New York City-based watch website, known as an influential editorial and e-commerce site for new and vintage wristwatches. Founded in 2008, the name comes from the Czech and Slovak word for wristwatch, “hodinky”.

References

  1. ↑ "This father-daughter family business 'rescues' luxury items from retail". www.bizjournals.com. Retrieved 2021-05-31.
  2. ↑ "E-commerce platform ShopWorn's solution to luxury's 'inventory problem'". South China Morning Post. 2021-04-07. Retrieved 2021-05-31.
  3. 1 2 Hoyle, Craig (2015-11-26). "Stocks of Shopworn Watches Skyrocket". The New York Times. ISSN   0362-4331 . Retrieved 2021-05-31.
  4. 1 2 Bernstein, Beth. "This Site Features Designer Jewelry That's Sustainable And Affordable". Forbes. Retrieved 2021-05-31.
  5. ↑ Cannon, Sophie (2021-02-04). "42 best sustainable clothing brands to shop in 2021". New York Post. Retrieved 2021-05-31.
  6. ↑ Partner, Contributing (2019-03-11). "Luxe for Less: Scoring a Treasured Watch on ShopWorn.com". JetsetMag.com. Retrieved 2021-05-31.
  7. ↑ Perry, Jessica (2020-11-02). "Handled with care". NJBIZ. Retrieved 2021-05-31.
  8. ↑ NJ.com, Allison Pries | NJ Advance Media for (2019-06-16). "A $14K watch on sale for $4,000? Thank this dad-daughter business team from N.J." nj. Retrieved 2021-05-31.
  9. 1 2 Saulsbery, Gabrielle (2021-03-09). "ShopWorn hires former Google exec to run Asia business". NJBIZ. Retrieved 2021-05-31.
  10. ↑ International, Retail & Leisure (2020-10-30). "ShopWorn Opens First Hong Kong Office". Retail & Leisure International. Retrieved 2021-05-31.
  11. ↑ WW, FashionNetwork com. "ShopWorn appoints Neiman Marcus alum as user experience advisor". FashionNetwork.com. Retrieved 2021-05-31.
  12. ↑ "ShopWorn Adds Neiman Marcus Veteran to Leadership Team | the Centurion". news.centurionjewelry.com. Retrieved 2021-05-31.
  13. ↑ "Neiman Marcus ex-leader joins ShopWorn". www.retailcustomerexperience.com. 2020-12-17. Retrieved 2021-05-31.
  14. 1 2 "Interview With Larry Birnbaum: CEO of Luxury Startup ShopWorn". LUXUO. 2021-02-17. Retrieved 2021-05-31.
  15. 1 2 Studios, Alexandra Pastore,WWD; Pastore, Alexandra; Studios, W. W. D. (2020-05-28). "The Inventory Problem, Solved". WWD. Retrieved 2021-05-31.
  16. ↑ Howe, Nora (2020-11-20). "ShopWorn brings attainable luxury to consumers through 'not new, not pre-owned' model". Luxury Daily. Retrieved 2021-05-31.
  17. ↑ Ruiz, Wendell Figueroa (2020-12-20). "Giving Responsibly. A Holiday Gift Guide". The Sustainable Mag. Retrieved 2021-05-31.
  18. ↑ "With excess inventory piled up, brands are seeking out new ways to move product". Glossy. 2020-08-17. Retrieved 2021-05-31.
  19. ↑ Farago, Robert (2020-11-29). "Shopworn Depreciation Madness!". The Truth About Watches. Retrieved 2021-05-31.
  20. ↑ Farago, Robert (2021-01-27). "ShopWorn Isn't a Gray Market Dealer". The Truth About Watches. Retrieved 2021-05-31.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.