(Bloomberg)—The coronavirus pandemic has paused retail across the U.S., but that’s not stopping one secondhand seller from raising funds.

Rebag received $15 million in fresh capital even as its stores remain closed due to the virus lockdown. This brings the startup’s total funding to $68 million, the company said Thursday. Rebag investor Novator Partners LLP, a London-based private equity firm founded by Icelandic entrepreneur Thor Bjorgolfsson, led the round. Another current investor, General Catalyst Partners LLC, also participated.

Founded in 2014 as an online-only retailer that has since opened a small network of shops, Rebag plans to use the money to improve its ecommerce tools and increase its staff. Last year, it launched a pricing tool called Clair, which it says brings more transparency to resale prices. It’s competing with rivals such as RealReal Inc. and Poshmark for a growing slice of the market for secondhand goods.

CEO Charles Gorra said the COVID-19 outbreak makes Rebag’s business model and growth initiatives more relevant.

“We offer luxury goods at a significant discount,” he said. “I think that point, in a recessionary environment, is going to be very important because fully priced items may become very difficult to achieve for a lot of people.”

Of course, many of the products available on Rebag, such as a $1,600 Louis Vuitton backpack and $3,500 Christian Dior suitcase, aren’t for the average consumer.

Luxury slowdown

The economic lockdown’s effects have also been quick to materialize as shoppers prioritize groceries above all else. Specialty retailers that sell apparel and accessories were projected to lose $17 billion in sales in April, a 79% drop compared to the year prior, according to data from Forrester Research. The luxury sector may face additional hardships. Bain & Co. expects the luxury goods market to contract 20% to 35% worldwide this year.

Rebag’s nine stores in New York, Los Angeles and Miami remain closed and Gorra said plans to open additional stores this year have been scaled back as executives reassess the situation.

As a result of the pandemic, the company said it has “intensified” its efforts on cleanliness and “amplified our bag conditioning guidelines.”