Cudoni sets itself apart from other fashion resale sites by offering a luxury experience to sellers and buyers, it covers not just fashion but luxury watches, luggage, homeware and technology too. It also claims sellers earn far more for their items than if they sold them on generic resale sites.

To sell users either contact the company online or via telephone, a Cudoni representative will collect the items (the company ensures items are packed for transit and insured), and it will photograph them for display on its site. It then employs its algorithm to ensure that the right buyers are targeted, and the highest possible price is achieved. The customer receives 70% of the net sales price.

In June, the luxury resale site set up five years ago by entrepreneur James Harford-Tyrer, received backing from a string of high profile backers including the Daily Mail and General Trust (DMGT) and Charles Thywhitt founder Nick Wheeler.

Other investors in the London-based business, which operates globally, include Lord Davies of Abersoch, a former Labour government minister and chairman of Standard Chartered, Matt Cooper, who recently became chairman of Cudoni, and Giles Brook, chief executive of coconut water brand Vita Coco, The Times reports.

Harford-Tyrer said the investment would help fuel the rapid expansion of the company at a time when consumers are seeking more sustainable ways of living.