Valuation exceeds $1 billion! American luxury e-commerce 1stDibs prepares for IPO

According to foreign media reports, the US luxury e-commerce company 1stDibs has hired an investment bank to lead its initial public offering (IPO) this year . The company focuses on online sales of luxury goods and artworks and is valued at at least $1 billion. The company has not disclosed detailed plans and a representative of 1stDibs declined to comment .

1stDibs was founded in New York in 2001, and claims that its purpose is to "put the flea market of Paris on the Internet." On its website, consumers can buy antique furniture, high-end jewelry, vintage artworks, etc. 1stDibs generally takes a high-end route.

Backed by Insight Partners , the company raised $76 million in a funding round in 2019, valuing the company at about $520 million that year. 1stDibs ’ investors include Benchmark, Alibaba Group Holding Ltd., Index Ventures and Spark Capital, among others.

Since the outbreak of the epidemic last year, e-commerce has grown by leaps and bounds, and shoppers have turned to online shopping, and this trend will continue. Data from research firm EMarketer Inc. shows that U.S. consumers will spend $843 billion online this year, an increase of 6.1% from 2020. Thanks to the epidemic, 1stDibs ' online luxury sales have increased significantly.

In addition to the impact of the epidemic, 1stDibs ' growth also benefited from the promotion of hit TV series. The recent popularity of palace-style TV series has greatly promoted the sales of vintage jewelry. For example, since the launch of " Bridgerton", the gorgeous costumes and sparkling jewelry in the play have attracted the attention of consumers, and the sales of Regency-era necklaces and rings on the 1stDibs website have soared significantly.

1stDibs’ art director said: “A popular TV show can spark interest in a style and have a real impact on sales, with Bridgerton’s record-breaking ratings behind the huge surge in sales of 19th century Regency jewellery and vintage fashion items.”

In addition, people's consumption concepts have changed dramatically since the outbreak of the epidemic. They are more inclined to choose valuable goods when shopping. Luxury goods with collection value, such as jewelry and artworks, are loved by consumers. In addition, home life has led to the popularity of the home furnishing industry. Unlike other furniture, the furniture on 1stDibs has a personalized luxury style, integrating collection and use, which can maximize the psychological needs of consumers.

The IPO plan is the result of 1stDibs ' long-term planning, especially seeing the successful IPO of Mytheresa in January , 1stDibs hopes to replicate this success. Although 1stDibs did not disclose the detailed plan, thanks to the promotion of e-commerce, 1stDibs ' IPO is just around the corner.

1stdibs

Luxury

IPO