Mumbai-based fashion recommerce platform CoutLoot has acquired Bengaluru-based competitor ‘Once Again Store’ for an undisclosed amount in an all-stock deal. The team at Once Again has joined CoutLoot and all the products listed on Once Again Store will now appear on the CoutLoot app.
CoutLoot, on the other hand, is founded by Mahima Kaul, Sahil Khimavat, Vinit Jain, and Jasmeet Thind in November 2015. It is a high-street/luxury hybrid marketplace to buy and sell preowned designer wardrobe. It takes care of everything from curating a product to delivering it to the buyer and paying the seller for the same. The seller just has to click and sell their products on the platform.
Acording to a company statement, CoutLoot claims to see over 200+ orders and close to 1000 new listings every day. CoutLoot delivers all over India, however, selling is restricted to 13 cities including Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Ahmedabad, Pune, Noida, Gurugram, Ghaziabad, Surat, Kolkata, and Jaipur.
Common brands sold on the platform include Forever21, Zara, Bossini, Forever New, as well as luxury brands such as Guess, Michael Kors, and others.
Commenting on this acquisition, Sahil Khimavat, co-founder, CoutLoot said, “We at CoutLoot have a very clear vision of how the pre-owned fashion market is going to pan out in India. At present, consolidation & creating a hybrid model is the need of the hour, since quality and authentication of a product is really what creates a seamless experience & trust among consumers. Once Again Store has a very interesting peer-to-peer model, which would now be a part of our hybrid model. Moving ahead, as the segment is still shaping up, we want to have all the corners covered and our acquisition of Once Again Store isn’t just great news for shoppers but also for the re-commerce segment at large.”
In June 2016, CoutLoot raised an undisclosed amount of funding from Venture Catalysts. Earlier in April 2016, Spoyl acqui-hired Revamp My Closet another startup in the same segment. Other startups in the fashion recommerce segment include names like Rekinza, Envoged, Elanic, Spoyl, and Zapyle.