Luxury fashion resale brand Cudoni has secured 1.4 million pounds worth of investment to support its international expansion plans.
The multi-million pound backing comes from founder of men’s retailer Charles Tyrwhitt, Nick Wheeler, as well as Lord Mervyn Davies, chairman of the Lawn Tennis Association, Matt Cooper, founder of Capital One bank, Giles Brook, chief executive of coconut water brand Vita Coco, and the Daily Mail and General Trust.
Speaking of the investment, founder James Harford-Tyrer said in a statement: “It is fantastic to receive further backing from such esteemed business leaders at this pivotal stage of our journey. Their valued support and investment will allow us to continue our rapid expansion at a time when we are moving towards a more sustainable way of living and the resale industry is thriving.”
The investment will allow the luxury resale brand to branch into international markets, as well as developing existing technology to assist with business efficiency and add to the current team.
Cudoni secures further investment; while Matt Cooper confirmed as chairman
The news follows the appointment of Matt Cooper as chairman of the board, previously principal managing director of Capital One bank and chairman of Octopus Investments. Cooper first became involved with Cudoni in line with his initial five-figure investment made following the business’ relaunch in May 2017.
The new formalised partnership has since seen a total six-figure investment and will involve Cooper working closely alongside Cudoni founder and chief executive, James Harford-Tyrer “offering guidance and expertise to steer the business into the next phase”.
Harford-Tyrer founded Cudoni in 2015 after spotting a gap in the market for a premium online service and community for stylish individuals with overflowing wardrobes, who valued their time and did not want the hassle of reselling themselves.
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Photos courtesy of the brand