Cécile Wickmann and Max Schönemann founded the company in 2013.
Dusseldorf The fashion platform Rebelle, founded in Hamburg, sells used designer fashion. Dresses by Gucci, Chanel or Prada are available from just a few hundred euros. The company, founded in 2013 by Cécile Wickmann and Max Schönemann, now wants to go public in Stockholm. In 2021, Rebelle only generated a marketplace turnover of around 26 million euros net after deducting returns and cancellations.
So far, the company, which handles the entire process for the sellers, has not been in the black for the year. “And we don’t plan to pay a dividend in the next few years either,” says Wickmann in an interview with the Handelsblatt. The goals, on the other hand, are ambitious. Rebelle wants to generate sales of 100 million euros in 2025 – quadrupling sales in the next three years.
For comparison: The Parisian competitor Vestiare Collective has now become a unicorn, so it has already been valued at billions. The second-hand platform Vinted has also become a unicorn.
The company first became known in Germany with the Mamikreisel and Vinted clothes platforms – and does not work in the luxury segment, just like the Momox platform. The company already generated 47 million euros last year with fashion alone.
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The big fashion platforms, Zalando and About You, now also offer used clothing – as does the Swedish fashion retailer H&M.
The consulting company Boston Consulting Group estimates the market for second-hand fashion at 30 to 40 billion euros in Europe. The consultants predict that it will increase by around a fifth every year.
Because: Second-hand fashion is not only popular with many customers, the segment is also important for the company’s balance sheet in terms of ESG criteria, i.e. the requirements for climate protection, social standards and corporate governance. And that is precisely the reason why Rebelle is striving to go public in Sweden of all places.
First green listing on Nasdaq exchanges
If the company, which is now a Swedish one, goes public on the Nasdaq First North Growth Market in Stockholm, then Rebelle could become the world’s first “green IPO” on Nasdaq exchanges, says Wickmann. With the IPO, Rebelle could receive the so-called “Nasdaq Green Equity Designation”.
The independent testing company Cicero Green has already examined Rebelle. This is a subsidiary of the climate research institute Cicero in Norway. In any case, Cicero Green sees a further need for Rebelle, so the transport of goods must become even more sustainable. In addition, Cicero Green complained that Rebelle has not yet offered any repairs for the garments.
Nevertheless, according to the report, Rebelle was rated medium green, the second highest level, by the institution. The seal would certainly attract further investors and enable further growth, according to the calculations of the entrepreneurs.
The company will combine the IPO with a capital increase and will therefore issue new shares. The previous investors, including the German high-tech start-up fund with 5.4 percent and the German family office HCS with 19.2 percent as the largest investor, as well as the Italian media giant Mediaset and some investors from Scandinavia, have committed to selling their shares “further Last 360 days,” says Wickmann.
Converted, the pre-market valuation according to the stock exchange prospectus is around 41 million euros, plus around 19 million euros through the issue of new shares – the share is to be issued at a price of 2.64 euros – so that the total volume is around 60 million euros.
In Germany, only institutional investors can acquire shares. In Sweden and Denmark also private investors.
More: In the first half of the year, the rush on the IPO market will be great. However, the demands of investors are likely to increase. Which companies are in the starting blocks.