The Handbag Clinic secures “significant investment” to drive expansion

Luxury handbag restoration and designer resale platform The Handbag Clinic has secured a "significant" new capital injection - led by the North East Venture Fund - to accelerate its growth in the UK and internationally.

The new investment sum has not been disclosed, but The Handbag Clinic will also use the funds to drive the technological development of its e-commerce platform.

The North East Venture Fund is supported by the European Regional Development Fund and managed by Mercia Ventures. Its continued support for The Handbag Clinic follows its previous investments, alongside a private investor.

In addition to the investment news, the company has appointed Tracy Lewis, formerly in various Chair and CEO roles at companies including Wacoal, Eylure, Additional Lengths and Bluebella, as its new Non Executive Chair, and Will Chalk (previously at companies including Alphagenix, Mococo and Noggin HQ) joins as  Chief Technical Officer.

A third new appointment sees former Aftersales Manager for Chanel, John Cunningham, join as The Handbag Clinic’s Customer Service and Operations Manager.

Charlotte Staerck, Co-founder and CEO of The Handbag Clinic, said: "It’s been an incredible year for us at The Handbag Clinic and we’re excited that, with this capital injection and our new board members, we can realise our ambitious growth plans.

"Tracy, Will and John are exceptionally talented – their unrivalled knowledge and expertise will add huge value as we take the business to the next level."

Now established as the trusted go-to aftercare service for fashion’s biggest luxury brands, The Handbag Clinic is set to expand its presence in the UK by building on several new partnerships.

That includes its recently launched permanent in-store concessions within Harrods and Selfridges, and its growing portfolio of official luxury brand partnerships which include Gucci, Jimmy Choo, Bvlgari, Celine, Radley, Ugg and Christies.

The Handbag Clinic, which also has a flagship store at 382 King’s Road in London, is now "recognising that technology is key to advancement within the sector", and is investing in bespoke technology for its e-commerce platform, creating a unique solution for its customers and luxury brand partners.

This includes the addition of AI and microscopic imagery to its software, to support its skilled team of authenticators – "streamlining and supercharging its capabilities".

With the ongoing support of Mercia Ventures Management and the NEVF, The Handbag Clinic has enjoyed record growth within the last 12 months, with a turnover of circa £1.6 million for FY23. It is also "firmly on-track" to hit its forecast target of circa £3 million for FY24.