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TechCrunch
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Pinstripe wants to redefine the way online sellers sell secondhand clothing
- Pinstripe launched in June and offers sellers both a digital storefront and physical retail presence. Pinstripe founders recognised the need for better approaches in the secondhand market where today sellers face challenges such as dealing with strangers visiting their homes. The platform alleviates that, by having sellers take their clothes to local consignment, vintage shops, and retailers, where store employees handle the handoff process.
- Pinstripe is for users in New York City with ample space. The platform connects people with too much clothing and stores with too much space. The retail partners receive the remaining 10% of the sales revenue, and the sellers receive 70% revenue. Pinstripe takes 20%. Pinstripe is looking to help businesses that lack online presence or social media marketing teams. Although the limited staff at some of these stores could present challenges, it requires additional storage space and manpower to facilitate transactions.
- Pinstripe offers buyers the benefit of browsing, purchasing online, and experiencing clothing in person with refunds available. The app experience for buyers and sellers is standard with an algorithm that curates options based on their style preferences. AI-powered 'Offer' model helps sellers in managing the bidding process. Items that don't sell after 30 days can be donated and Pinstripe sends local charities to pick it up and donate it on behalf of the seller.
- Pinstripe is available in the App Store and on the web and is working with almost a dozen retail partners and touts a few thousand monthly active users. Notable advisers on board, including Ben Max Rubinstein and Julie Bornstein (former Stitch Fix and Daydream founder). Pinstripe evolved from a similar startup founded by Blumenthal and Tomiya in 2022 called Banter, an e-commerce platform that featured multiplayer shopping and social elements.
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