To kick off the launch of its new auctions, 1stDibs is partnering with Jonathan Adler and Simon Doonan.
NEW YORK — Online design marketplace 1stDibs announced the launch of 1stDibs Auctions, a new way to discover and purchase furnishings, décor and more.
Originally introduced as a listings site in 2001, 1stDibs transitioned to a full e-commerce model in 2016. With the arrival of Auctions, the platform allows guests to place bids on their favorite items, spanning furniture, home decor, art, fine jewelry, watches, handbags and fashion.
To celebrate this new milestone, 1stDibs teamed up with Jonathan Adler and Simon Doonan to guest curate a collection of their favorite auction finds. Adler, a potter, designer and author, and Doonan, a writer, window dresser and fashion commentator, hand-selected an assortment of items that reflect their style sensibilities.
“We know that some of our customers appreciate the ability to negotiate and the convenience of ‘buy it now,’ while others enjoy bidding at auction to acquire something they love,” said David Rosenblatt, CEO, 1stDibs. “Being able to offer both models on our site is a significant step toward meeting our customers where they are and how they prefer to shop. This new shopping experience adds a dynamic new way of collecting to our existing full-price and negotiated price purchase options.”
1stDibs Auctions offers a host of benefits for shoppers. Featuring thousands of items offered by trusted sellers around the world, with auction inventory continually updated, guests will discover new items each visit.
Additionally, the 1stDibs Auctions platform does not charge an additional “buyer’s premium” fee on top of the item’s final price. All auction purchases are covered by 1stDibs Buyer Protection, and the 1stDibs team helps buyers after the sale to facilitate shipping through their trusted network of professional delivery services.
Adler and Doonan’s curated assortment features more than 75 items that speak to their “modern glamour” approach to interior design and art.
To learn more about the bidding process, click here.
Meanwhile, the company posted a 22% increase in year-over-year net revenue for the third quarter of 2021, but its net GAAP loss widened.The New York-based marketplace posted net revenues of $25.6 million in the quarter as well as $18.1 million in gross profits, a 23% increase year-over-year.
However, its GAAP net loss was $6.6 million for the quarter, compared with $1.4 million in the same timeframe in 2020. Non-GAAP Adjusted EBITDA and adjusted EBITDA margin was a loss of $5.4 million and 21%, respectively, compared with a loss of $500,000 and 2.2%, respectively, in the third quarter of 2020.
“While the macro environment remains unpredictable, we delivered GMV (gross merchandise value) above the high-end of our guidance range and made progress on our strategic initiatives during the third quarter,” said Rosenblatt. “As we look forward, we’re well-positioned to benefit from the continued shift to digital and the extensibility of our platform, which allows us to efficiently enter adjacent markets, launch new features, and potentially unlock large GMV opportunities.”