Cudoni has secured further investment, including from retail veteran Andrew Jennings, taking the total funds raised by the luxury resale site to £4.6m.
Daily Mail Group Ventures led the investment round to raise funds from Jennings (formerly Harrods, Holt Renfrew, House of Fraser and Saks Fifth Avenue), as well as US fund, Hunt Investment Group and South African fund, Concurrence Capital.
Existing investors include Lord Mervyn Davies (Chairman of the Lawn Tennis Association) and Cudoni Chairman Matt Cooper (Founder of Capital One). The total investment is believed to be the largest in a UK fashion resale site and will be used to fund its international expansion.
James Harford-Tyrer, who founded the business in 2017, said: “It is great to receive further backing from industry pioneers and business leaders, during what has been an incredibly tough year for the consumer sector amongst others. This investment comes at a crucial stage in our growth journey, at a time where we are looking to be increasingly present on the global stage.
“The valued support and investment from new and existing investors will allow us to continue our rapid expansion both within the United Kingdom and overseas. We remain excited that business leaders continue to invest in the luxury resale market through Cudoni as part of an important movement towards a more sustainable and conscious way of living.”
Cudoni’s USP is its focus on service and taking the hassle out of re-selling luxury online. At the moment it is offering contactless pick-up of items from home. After collection, its experts value the items and take care of the selling process with funds sent to the seller’s bank account or chosen charity once the sale has been made.
Its marketplace has hosted the wardrobes of some of London’s most fashionable residents, including celebrity socialites Millie Mackintosh and Louise Thompson as well as journalist Celia Walden. Cudoni also has a network of private buyers and rare items are often extended directly to them.