1stdibs

Source: Wikipedia, the free encyclopedia.
1stDibs
Nasdaq: DIBS
IndustryE-commerce
Online marketplace
Founded2000; 24 years ago (2000) in Paris, France[2]
FounderMichael Bruno[3]
Headquarters
New York City, New York
,
United States[4]
Area served
Worldwide
Key people
David Rosenblatt
Websitewww.1stdibs.com

1stdibs (stylized as 1stDibs) is an e-commerce company. It has an online marketplace, which sells luxury items such as high-end furniture for interior design, fine art and jewelry.[5][6] The company has been recognized for "pushing the antiques business into the 21st century."[7] Originally founded in Paris, it is currently headquartered in New York City.

History

1stDibs was founded in 2000 by

Marché aux Puces in Paris, France.[8] 1stDibs.com started as a listings site for art dealers to sell offline, but the site was redesigned in 2013 to give buyers the option to purchase items online.[2] The company has received praise for restricting its listings to authorized dealers for authenticity,[9] and scrutiny for preventing dealers from completing a negotiation offline to avoid the company's commission fees.[7]

In 2015, 1stDibs raised $50 million from venture capital firm Insight Partners. Part of that funding went to buy out all shares held by Bruno, who had stepped away from day-to-day operations. The raise added Deven Parekh from Insight to the company's board.[10]

In March 2019, the company completed a

Series D funding round of $76 million. It has received $170 million in funding to date and has a valuation of more than $500 million.[11][12] As of February 2019, 1stDibs works with 4,000 dealers in 28 countries.[13]

In December 2019, 1stDibs closed its brick-and-mortar location at Terminal Stores after the new owner of the building began a large-scale construction project.[14]

In March 2021, due to increased online shopping as a result of the COVID-19 pandemic and to increased demand via social network Instagram, 1stDibs showed a 20% increase in demand for its vintage products, with some categories increasing 80%.[15]

In June 2021, the company went public on the Nasdaq, under the symbol DIBS.[16]

References

  1. ^ Spero, Josh (17 May 2017). "New kids on the block: rise of the online art auction". The Financial Times. Retrieved 1 August 2019.
  2. ^ a b Evans, Katie (28 September 2018). "How 1stdibs.com carved out a luxe e-commerce niche". Digital Commerce 360. Retrieved 4 August 2019.
  3. ^ Rosman, Katherine (13 February 2014). "The Treasures of 1stdibs's Michael Bruno". The Wall Street Journal. Retrieved 3 August 2019.
  4. ^ Griffith, Erin (9 September 2015). "Exclusive: 1stdibs quietly raised $50 million from Insight Venture Partners". Fortune. Retrieved 3 August 2019.
  5. ^ Ankeny, Jason (27 July 2015). "How This Site Became the Go-To Marketplace for Rare and Antique Goods". Entrepreneur. Retrieved 1 August 2019.
  6. ^ Garrahan, Rachel (18 March 2015). "1stdibs spies jewellery opportunity". The Financial Times. Retrieved 1 August 2019.
  7. ^ a b Kurutz, Steven (11 March 2016). "Antique Dealers Protest New 1stdibs Rules". The New York Times. Retrieved 1 August 2019.
  8. ^ Little, Rebecca (13 April 2013). "The game-changer for antiques shops". Crain's Chicago Business. Retrieved 1 August 2019.
  9. ^ Danziger, Pamela (15 March 2018). "1stdibs Already Decorates The Homes of The Wealthy; Now It Wants To Fill Their Lives". Forbes. Retrieved 4 August 2019.
  10. ^ Griffith, Erin. "Exclusive: 1stdibs quietly raised $50 million from Insight Venture Partners". Fortune. Archived from the original on 2015-09-10. Retrieved 2021-06-16.
  11. ^ Luckel, Madeleine (28 March 2019). "1stdibs Raises $76 Million in Series D Funding". Architectural Digest. Retrieved 2 August 2019.
  12. ^ Roof, Katie (28 March 2019). "Marketplace 1stdibs Grabs $76 Million to Expand Luxury Platform". The Wall Street Journal. Retrieved 2 August 2019.
  13. ^ Green, Penelope (11 February 2019). "1stdibs Inches Closer to the One Percent". The New York Times. Retrieved 1 August 2019.
  14. ^ Luckel, Madeleine (20 December 2019). "1stdibs Shutters Gallery, Michael S. Smith Debuts Direct-to-Consumer Line, and More News This Week". Architectural Digest. Retrieved 2020-07-30.
  15. ISSN 0362-4331
    . Retrieved 2021-06-16.
  16. ^ "1stdibs.com, Inc. Announces Closing of Initial Public Offering". Yahoo! Finance. June 15, 2021.

External links

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