Product / Service Details
Authentic Luxury Resale with AI
High End is the Australian leader in authentication for second hand clothing. We're automating authentication with AI for global businesse, combating the $1.8 trillion counterfeit industry. Our C2C and B2C resale marketplace has achieved incredible growth in just 12 months, with 40,000 customers joining our app and a 40% repeat buyer rate, significantly outperforming the industry average. We're now an instant digital service to identify authentic and counterfeit products using AI.
Business Model
Summary
The marketplace generates a commission of ~15% on every transaction. The AI authentication API is a volume subscription based model, the more authentications you do the more you pay.
Description
All raised capital will be invested in the development of AI technology and API for businesses. There are two front end solutions for this technology, an API that can be plugged into your resale or retail platform to automate authentication, or an app downloadable from the app store. The app is for consignment businesses who physically hold the product and runs on a pay per use model.
Mission & Objectives
Mission
High End is building to become a trusted global provider of B2B & B2C resale authentication services.
Business Objectives
Authentication is critical, yet businesses don’t know how to spot a counterfeit. We are digitally automating the authentication process of mid market brands, a solution that can be global from day one. The API is used by retailers to prevent fraudulent returns, second-hand marketplaces to protect their buyers and retailers who want to enter the secondhand space but don't know how to authenticate.
Industry
Summary
The resale clothing market is growing 12% CAGR to $350B by 2028, the number of businesses in this space is growing 11 x faster than retail. 100k business globally need authentication services today.
Description
Authentication today exists for international luxury brands with the demand for mid-market brand authentication strong yet unsolved. This impacts retailer returns, resale marketplaces and consignment businesses. Counterfeits are damaging to platforms with fraud amounting to 10% of inventory in online resale platforms. They’re now taking steps to reduce fraud risk aligned with ESG.
