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Verishop

Former Snapchat Chief Strategy Officer Imran Khan is today launching Verishop, a digital marketplace for luxury goods, with more than 150 contemporary brands across multiple lifestyle categories.

Why it matters: Three decades into the internet era, there still isn't a major ecommerce destination for department store quality shopping online. This is especially true given Amazon has chosen to focus on basic goods instead of luxury.

Between the lines: Traditional luxury department stores haven't been able to crack the digital marketplace in a meaningful way.

  • Some luxury aggregation retail sites have broken through — like Rue La La, Gilt, The RealReal and Tradesy — but most have focused on consignment or resale of older goods from luxury brands through third-party sellers.

Be smart: Today's only luxury marketplaces have many risks for consumers, like receiving counterfeit goods or poor quality control on shipping and handling. This is why luxury is still often purchased in-store.

Details: Like Amazon, the company is hoping to differentiate itself by controlling the entire purchasing process. Unlike Amazon, it will not include any pay-to-play search rankings or third-party sellers.

  • At launch, Verishop will have almost 1,200 styles and 10,000+ stock keeping units, all hand-picked for quality control and curation.
  • Verishop launches today with two-day shipping, available without a subscription fee or minimum order value. They will also offer free returns for 30 days.
  • It will launch a "Tastemaker shop" where consumers can discover products liked by their favorite influencers. It's signed up up seven influencers with more than 15 million followers, including Tiffany Ma and Jess Conte.
  • It will also launch a "Responsible shop," where consumers can opt to online shop for brands and products that upholder a higher level of social consciousness.

The target consumer for Verishop will be millennial (ages 23-38) with more than $75,000 in annual household income. The average price point for products is approximately $100.

The brands that Verishop will curate include:

  • Men's fashion: AG, AllSaints, Anthony Thomas Melillo, Baum und Pferdgarten, Beach Riot, Current/Elliott, Citizens of Humanity, DVF, Equipment, IRO, J Brand, Ksubi, Levi’s, LoveShackFancy, MISA, MOUSSY, NSF, Smythe, Varley,Zadig & Voltaire
  • Women's fashion: AG, AllSaints, Anthony Thomas Melillo, Barena, Venezia, BLDWN, Buscemi Chinatown Market, Druthers, EDWIN, Everest Isles, Far Afield, Golden Bear, Hiro Clark, LTH JKT, Miansai, Maximum Henry, PS Paul Smith, Sundek, Veilance, Velva Sheen
  • Beauty: Aromatherapy Associates, DedCool, Dr. Loretta, Fur, GOA Skincare, Kahina Giving, Beauty Kari Gran, KORA Organics Kosas, Le Prunier, Leonor Greyl Lily Lolo, Pai Skincare, RAINCRY, Reverie, Rituel de Fille, Orgaid, RMS Beauty, Suntegrity, Tenoverten
  • Home: Cire Trudon, Cinnamon Projects, Boll & Branch, Indego Africa, Morrow Soft Goods, Hawkin’s New York, Sien + Co, Primary Goods, Morihata International ettitude, L’Objet, The Beach People, BUNGALOW DENMARK, SOH Melbourne, Norden, LUMIRA

Between the lines: The company to-date has raised more than $17 million from investors led by Lightspeed Venture Partners.

  • The company's co-founder, Khan's wife Cate, stepped down as head of retail for Amazon-owned Quidsi last year to join the company.
  • At launch, Khan has roughly 50 employees and several senior executives, including Jason Bosco, former VP of engineering at Dollar Shave Club, to lead engineering, Former Bloomberg deals reporter Alex Barinka to lead communications, and Matthew Terry, former VP of fulfillment at Thrive Market, to lead fulfillment.

What's next: Verishop hopes to expand into new categories, like shoes, next year.  It also expects to have more than 300 brands listed by the end of the year. 

Go deeper

Updated 11 mins ago - Health

WHO: Delta health measures help fight Omicron

Photo: Mario Tama/Getty Images

Health measures taken to combat COVID-19 before the emergence of Omicron would also help against the new variant of concern, World Health Organization officials said Friday.

What they're saying: Takeshi Kasai, WHO regional director for the Western Pacific, said during a virtual briefing broadcast from Manila, Philippines, that border controls imposed by the U.S. and other nations can "buy time" to deal with the variant, but warned "every country and every community must prepare for new surges in cases."

2 hours ago - Health

Nevada to impose insurance surcharge on unvaccinated state workers

Nevada Gov. Steve Sisolak. Photo: Ethan Miller/Getty Images

Nevada's Public Employees' Benefit Program Board voted Thursday to charge workers enrolled in public employee health insurance plans a surcharge of up to $55 a month if they're not vaccinated against COVID-19, the Las Vegas Review-Journal reports.

Why it matters: Nevada is the first state to announce such a move, per AP.

Oklahoma sues Biden administration over Pentagon vaccine mandate

Secretary of Defense Lloyd J. Austin testifies before a House Armed Services Committee hearing on Sept. 29 in Washington, D.C. Photo: Olivier Douliery/Pool via Getty Images

The state of Oklahoma filed a lawsuit against the Biden administration on Thursday in an attempt to block the enforcement of its vaccine mandate for federal employees.

Why it matters: The move comes one day after Defense Secretary Lloyd Austin denied Oklahoma Gov. Kevin Stitt's (R) request to exempt the state's National Guard from the mandate.