Secret Sales founder secures £5.5m funding for 7879 jewellery and launches Harrods pop-up
Sach Kukadia, who co-founded the Secret Sales business with his brother Nish in 2006, has secured £5.5m in seed funding for his new 7879 jewellery business and has launched an eight-week pop-up shop-in-shop in Harrods.
No longer involved with Secret Sales, which is now owned by Lifestyle Retail Group (LRG), Kukadia launched the 7879 gold and platinum jewellery business in November 2021 with former Engineering Leader of BCG Digital Ventures, Ben Flowers.
The Harrods pop-up, which launched last Friday, 18 November, follows on from a successful pop-up in April this year in Selfridges, and is timely for the run-up to Christmas and gifting season.
The funding round was led by Anglo American, a leading producer of platinum group metals, and Rainmaking, a leading corporate venture fund.
The money raised will be used to scale the business following a positive response from consumers. It is already trading at a £2 million run rate and now 7879 will invest in growing the ranges, adding new designs and increasing stock levels to meet growing demand.
Investment in marketing initiatives and brand partnerships will also be stepped up to build awareness, and additional investment will be made in the technology platform and supporting infrastructure to support the business while it scales and improves the efficiency of operations.
Sach Kukadia, CEO and Co-Founder of 7879, said: “The completion of this funding round is a real statement of confidence in 7879. Our plan now is to accelerate 7879 forward and execute a new business model that will change the way consumers buy and think about jewellery.”
The 7879 collection, comprised of unisex pieces in weighted and solid 24-karat recycled gold or responsibly mined platinum, is designed in-house, with each piece hand finished, ASSAY office approved, hallmarked, certified and authenticated for the purity of metal.
From hoops and charms to chains and rings, all 7879 prices are driven by weight and real-time international bullion markets. Customers are invited to watch as prices change before their eyes in line with the value of gold, enabling them to track their jewellery's daily value using a personalised portfolio. It also provides a guaranteed sell back option for its customers for the prevailing price of platinum or gold.
The name of the brand stems from the periodic table, as 78 is the atomic number of platinum, while 79 is the atomic number of gold.
Items sold back to 7879 are subsequently melted down and recycled, “thereby creating a circular ecosystem that reduces impacts to the environment”. 7879 also minimises its environmental footprint by using recyclable material for its packaging.
Kukadia added: “7879 offers customers the highest quality platinum and gold jewellery for a fraction of the price previously charged by the market, for metals that are not diluted, and with the added benefit that all of our pieces come from responsibly mined or recycled sources.
“At a time of significant economic uncertainty, we believe selling jewellery transparently – not just in terms of pricing but also in quality – is key to paving the way to a sustainable future.”