Handbag resale platform Luxury Promise raises £8m in funding

Handbag resale platform Luxury Promise will announce this week that it has raised £8 million ($11 million) in a Series B funding round, according to a Sky News report.

The funding round is reportedly led by venture capital firm Beringa, whose portfolio includes Papier, the direct-to-consumer personalised stationery brand and EDITED, the retail and data analysis platform. The firm already led a £3 million fundraising round for Luxury Promise last year.

The new funding will reportedly be invested in the platform's live shopping events, to expand them across other time-zones and languages.

Investment is also coming from former Jimmy Choo chief executive Pierre Denis and Francois Delage, the ex-CEO of De Beers. Including the latest investment round Luxury Promise has raised almost £15 million pounds.

Luxury Promise was founded in 2017 by Sabrina Sadiq as a platform to sell and swap designer handbags. Based in London, it also operates in Dubai and has since expanded into other categories including shoes, accessories and clothing. It also offers authentication and repair services.

After training as a lawyer Sadiq opened her own consultancy business training staff at resale firms to authenticate luxury bags. With these expertise she started Luxury Promise, which today uses artificial intelligence to authenticity check and host scheduled live shopping events.