Don't see anything wrong with it-save one.
My cheap boss gave me a glass figurine that was ugly, ugly, ugly.
I let it sit on my desk for several days just to remind her: -your are cheap, cheap, cheap.
I am a male, what the heck do would i want with a figurine?
I re-gifted an earring-necklace set given to me by a friend. I asked her if she wouldn't mind if I gave the set to my granddaughter. The earrings were pierced and I do not, nor do I ever intend to get my ears pierced. Of course she didn't mind. BTW many of my clip on earrings give the illusion that I have pierced ears.
If I'm being totally honest, the idea of actually regifting (by that I mean using a gift someone has given to you and pretending you've bought it to give someone else) seems just a wee bit tacky to me. Now if you're just passing something you've received on to someone else but not pretending it's a gift you've actually bought for that person, that's a different colored horse to me.