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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

DOJ watchdog to probe whether officials sought to alter election results

Former President Donald Trump and former First Lady Melania Trump exit Air Force One in West Palm Beach, Florida, on Jan. 20. Photo: Alex Edelman/AFP via Getty Images

The Justice Department's inspector general will investigate whether any current or former DOJ officials "engaged in an improper attempt to have DOJ seek to alter the outcome" of the 2020 election, the agency announced Monday.

Driving the news: The investigation comes in the wake of a New York Times report that alleged that Jeffrey Clark, the head of DOJ's civil division, had plotted with President Trump to oust acting Attorney General Jeffery Rosen in a scheme to overturn the election results in Georgia.

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President Biden signed an executive order on Monday overturning the Trump administration's ban on transgender Americans serving in the military.

Why it matters: The ban, which allowed the military to bar openly transgender recruits and discharge people for not living as their sex assigned at birth, affected up to 15,000 service members, according to tallies from the National Center for Transgender Equality and Transgender American Veterans Association.