Luxury start-up Cudoni receives 425,000 pound investment

London - The founder of luxury resale service Cudoni, James Harford-Tyrer, has received a 425,000 pound investment for the growth of the UK start-up.

The investment will be used to create seven new jobs within the company and fund its expansion across the UK. Based in London, Cudoni relaunched last May after originally launching in October 2015 under the name SellSprint. Following its relaunch last spring, the luxury service has reported a 10-fold growth in sales over the past six months. This sale growth has helped further strengthen business backing from the likes of Giles Brook, CEO of Vita Coco and Matt Cooper, founder of Capital One and chairman of venture capital firm Octopus Investments, amongst others.

Luxury resell start-up secures investment as interest in the market continues to grow

“This is a fantastic way to start 2018,” said Harford-Tyrer in a statement. “Previously, our focus had remained predominantly on London, but with the help of this investment we will be able to expand the business nationwide, starting in my home town of Manchester, as well other major UK cities such as Cambridge, Oxford and Edinburgh. Giles and Matt have had a stake in Cudoni since the get-go, and I’m thrilled that they, along with our other investors, will be part of this continued journey.

“To further improve the experience for new and existing customers, we plan to invest in our team and in new technologies. This includes recruiting seven new team members, adding adjacent services, such as launching buyer functionality to our platform, and reducing required item processing time and consumer input, to maximise ease of use.”

Cudoni aims to offer all of its customers a VIP service when it comes to the resale of their second hand luxury goods, which include a wide range of categories, such as fashion and accessories. This includes the valuation of their goods, pick-up and delivery services, listings, professional photos of the items as well as managing sales and payment. In addition, the luxury resale platform also utilises extensive market research and in-house algorithms to help secure a higher sales price for its customers. Cudoni secures on average 30 percent more for an item than if customers were to sell them online themselves.

Cudoni recent investment comes as interest in the luxury resale sites continues to grow. Unlike traditional resale platforms, such as eBay, dedicated luxury resale sites like The Vault, Vestiaire Collective and The Real Real, have seen a huge increase in both sellers and buyers over the past few years. ​For example, since its launch in 2009 Vestiaire has grown into an international force with over 6 million members in more than 50 countries, who submut 30,000 n ew luxury items for sale each week.

Th ​is​ surging interest in resale platforms has been linked to subtle changes in consumer shopping habits, linked to brand perception, sustainability as well as brand accessibility. Websites which guarantee product authenticity are doing particularly well, as these luxury resale platforms offer consumers means to purchase premium items which they may not have been able to afford full price.

In addition, as more consumers seek out unique, one of a kind items that are not so readily found in stores, luxury resale platforms offer them the chance to purchase products authentic, one of a kind items. What’s more, consumers who tend to purchase pre-owed luxury goods tend to be more educated concerning the real value of products, as they are aware of the current value and potential future value of said item.

Interested in working at Cudoni? Click here >> ​Photos: Courtesy of Cudoni