Luxury marketplace Reebonz has rebranded to ReebonzLIVE, after all its brand and digital assets were acquired by Livecommerce Entertainment late last year. The acquisition by Livecommerce, a B2B marketplace which connects livestreamers with brands looking to venture into the social commerce space, also saw the brand pivot to hosting daily live-selling shows on its Facebook and Instagram platforms.
According to a statement on ReebonzLIVE's website, the founders of LiveCommerce Entertainment were loyal fans of Reebonz since its launch in 2009. "We wanted to bring back the joy and excitement we felt shopping with Reebonz at their online sales events and offline pop up sales," they said. The acquisition amount was not disclosed.
With the change in management, fans of the brand will now have to tune in to the daily livestreams to place their order for their desired products. Facebook users will be contacted to add the products to cart and checkout. Meanwhile, Instagram users will be receive specific credit card checkout links to complete their purchase. According to ReebozLIVE, the products will take approximately three to four weeks to arrive.
Reebonz's rebrand and change in management comes after it came under fire in August last year , when disgruntled sellers lodged complaints to the Consumers Association of Singapore (CASE). CASE told MARKETING-INTERACTIVE then that it had received 37 consumer complaints against Reebonz from the beginning of 2019 to August 2021. Buyers had complained that the pre-owned luxury products sold on Reebonz "were counterfeit or not authentic", adding that the products were "of poor quality".
Additionally, sellers were owed more than SG$30,000 as of mid-August 2021, and 11 complaints filed with CASE in 2021 were from sellers instead of buyers. Despite the agreed pay-out period of 20 days, these sellers from the White Glove Service did not receive payment for the items sold even after waiting for several months. Under this service, Reebonz would pick up a bag from the seller for free and make an offer after an inspection from the ateliers - individuals responsible for checking the bags and authenticating them. The company would take a cut of up to 40% if the item is sold, and customers are expected to receive the payout within 20 business days.
Reebonz later filed for voluntary liquidation in September that year, after it reportedly caved under liabilities estimated to be around SG$65 million. Co-founder Samuel Lim took out notices in BT on 10 September 2021 to alert creditors that Reebonz is "in creditors' voluntary liquidation".
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