They’ve got this business in the bag


October 25, 2019

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Today, new contraception options are replacing the Pill and moderating Reddit is an act of iron will, but first…

The Hustle Daily Email

Got an old Birkin bag in your closet? Now, you can turn it back into cash

They say an Hermés bag is a better investment than gold these days. It looks like entrepreneur Charles Gorra believes it.

On Thursday, he launched Clair AKA the Comprehensive Luxury Appraisal Index for Resale. It’s basically an algorithm that shows the Kylie Jenners of the world how much they could get for one of the 400 designer bags in their closets.

Gorra is also the founder of Rebag — a 5-year-old resale site exclusively for luxury handbags that has tracked the value of more than 10k handbag models.

Turns out, those values can change a lot

Remember in Econ 101 when your prof told you that consumers’ preferences can change over time? The fashion industry is no exception: Demand for bags is subject to trends, of course… but also to things like cost-sensitivity and increasing concern for climate impacts.

So Gorra took that data from Rebag and built Clair, which will predict how bags’ values will change in the future. Every quarter, Clair will publish recommendations for what types of bags users ought to be buying and selling — just like a stock market.

But unlike other resale sites, Rebag buys bags off their previous owners — rather than connecting buyers and sellers directly. Owning all the merchandise themselves means they own liability. And it shows that they’ve got either a) a lot of confidence in Clair to predict the value of goods in the future, or b) a lot of cash to burn.

The demand for pre-owned goods is on the up-and-up

StockX — the resale platform originally for sneakerheads — was a pioneer in the space back in 2016 and is now worth $1B. Now, the broader resale industry, which includes companies like Poshmark, ThredUp, and The RealReal, is valued at $24B.

Until now, items on these sites have looked a little more like a hand-me-down Lands’ End jacket — and a little less like a double-breasted Prada trench. Gorra says he wants to pull a Tan France: He wants to use the burgeoning demand for secondhand luxury goods to elevate the resale market. He’s hoping Clair will bring consumers with deeper pockets into the fold.

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‘Fem tech’ innovations have fewer women poppin’ the Pill

Innovations in the women’s health industry have been somewhat stagnant in the past 20 years. Now, improvements in technology — buoyed by the promise of profits — are leading to a new wave of products and services.

Let’s talk about sex

At the height of its popularity in 1973, more than of American women were taking the Pill. What wasn’t to love? It prevented pregnancies, regulated menstrual cycles, and cleared up acne.

But now only 22% of American women use oral contraception. That’s partly due to improvements in intrauterine devices, or IUDs. An IUD is good for about 5 years once it’s inserted into the uterus… meaning there’s no need to remember to take a daily pill or get a prescription refilled each month.

All of this has opened the door for ‘fem tech’

Women’s health is expected to be a $50B market by 2025, and venture capitalists want to get it on. In the second quarter of 2019, companies with this focus had raised $500m… and the burgeoning bioscience and technology movement dubbed “fem tech” is making some fascinating strides.

Beyond apps and direct-to-consumer services, there are vaginal microbiome products, non-hormonal birth control gels, lubricants for menopausal women who experience pain during sex, and hot-flash treatments.

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This week’s weirdest ways to spend money

You work hard to earn it… so why wouldn’t you work hard to burn it? Here are some of the most creative money pits we stumbled across this week:

  • Ultimate Advent Calendar, $112k: Leave it to Tiffany & Co. The luxury jewelry shop is selling an advent calendar filled with silver, gold, diamonds, and perfume for that special someone born with a diamond-encrusted platinum spoon in their mouth.
  • “Sold Out Chicken Sandwich” costume, $79.95: Time’s running out to get your Halloween costumes, people… and if you haven’t heard enough about Popeyes’ sold-out chicken sandos, this sexy sandwich costume could really make your night sizzle (and yes, they’re still in stock — the costumes, at least).
  • Urwerk Atomic Master Control Watch, $2.7m: The 2-part watch consists of a 70-pound atomic “base unit” that keeps the most accurate time on the planet and a mechanical wristwatch that syncs to it. It’s for those people in your life who like their time accurate to within 1 second every 317 years.
  • All-in-One Drinks System, $554: Lang’s water machine is arguably the world’s fanciest water filter (and mineralizer). If you’ve been looking for a machine that takes 2.5L of water, filters it for 6 minutes, and gives you 1.5L of, um, fresher-tasting water — look no further, friends.
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SPONSORED

This limited edition Oris Movember watch doesn’t just look good — it does good

Spoiler alert: Men’s Health ain’t just a magazine. It’s a real issue.

High suicides rates, shorter lifespans, and more unchecked preventable diseases have put men’s health in a precarious position these days. But Oris and their newest partner are working to help change that.

The Movember Foundation: More than just mustaches

With over 1,250 projects around the world helping to raise money and awareness for these issues, The Movember Foundation (yes, of caterpillar-mustache fame) is a force in the fight for men’s health.

Oris is proud to announce their newest collaboration — a limited edition Oris Movember watch. A portion of the proceeds will go directly to the Movember Foundation to aid in their fight to improve men’s physical and mental health.

Get your special edition Oris Movember watch today and wear your support on your sleeve… or, uh, wrist.

Oris Movember Edition

Advertisement What Else…

🌌 A Galactic IPO. Virgin Galactic announced plans to go public, which would make Branson’s business the first of several space-based startups to hit public markets. The company will begin trading on the NYSE on Monday under the ticker SPCE (shots fired, Musk and Bezos). Of course, VG is a space-tourism company, not a serious aerospace business like its “competitors” SpaceX and Blue Origin — but hey, it got the slick ticker.

👑 Meet the Queen of Reddit. Any Reddit fans in the audience? We thought so. But even those who read and comment don’t often police Reddit. That, as The Atlantic reports, is where Anne (not her real name) comes in: The 58-year-old manages r/relationships — and more than a dozen more subreddits — with a firm hand. Keep it up, Anne.

📳 The kids — and their tablets — are all right. No need to judge parents for letting their kids play “Angry Birds.” New research suggests young children might actually benefit psychosocially from moderate screen usage, contrary to previous studies.

Shower Thoughts

  1. Left handed people push their pencils, while right handed people pull their pencils.
  2. You don’t know which date you’re born until someone tells you.
  3. Up until seventy years ago, no one in the history of humanity had ever sat up in the middle of the night and said, “What’s that beeping sound?”
  4. Using a laptop makes it look like you’re doing work or something important while being on your phone looks the opposite.
  5. Everybody’s fawning over these companies turning vegetables into hamburgers like it’s something new when cows have been doing it for centuries.
  6. via Reddit

PLUS SOME EXTRA READER THOUGHTS…

  • “Musical chairs is basically just a game of thrones.” –Annie
  • “It’s lazy to order delivery and eat it in bed at home; yet it’s a luxury to order room service and eat it in bed at a hotel.” –Tori
  • “You cannot stand on stairs backwards.” –Nick

Have your own Shower Thought? Submit it here. Don’t keep Bobby waiting.

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