Designer handbag retailer Luxury Promise wins backing from ex-Jimmy Choo chief | Economic news
A digital platform that allows consumers to buy, sell and trade designer handbags has won support from a host of luxury goods executives, including a former Jimmy Choo boss.
Sky News understands that Luxury Promise, which was founded in 2017, will announce this week that it has raised $11 million in a funding round led by existing investors including Beringea, a venture capital firm that has held stakes in companies such as Chargemaster, the manufacturer. electric vehicle charging equipment.
Luxury Promise’s funding injection will also include funds from Pierre Denis, the former CEO of Jimmy Choo and Francois Delage, the former CEO of De Beers.
The company describes itself as a “pioneer in live luxury shopping”, allowing shoppers to interact with so-called “edutans” who advise on the heritage of luxury brands and products.
Initially, it was a platform for selling and exchanging designer handbags, but it has since expanded to clothing, shoes and accessories.
Sabrina Sadiq, Founder and Managing Director of the company, said, “Luxury Promise is on a mission to disrupt the luxury resale market through our community approach to live shopping.
“This increase allows us to leverage our rapid growth, deploy our live streaming platform on a wider international scale as well as expand our operations and technology integrations to strengthen our presence as a premier global player. plan in luxury resale.”
The latest funding brings the total sum raised since the launch of Luxury Promise to $20 million, and comes amid a surge in investor demand for innovative ways to sell and recycle luxury goods online.
The new capital will be used to expand its live shopping platform to other time zones and languages.
Based in London, the company also has a presence in Dubai.
Karen McCormick, Chief Investment Officer of Beringea, said, “Luxury Promise remains one of the true luxury resellers of highly authenticated products, with incredible customer engagement and repeat rates.
“We see enormous potential in the business as it enters the next exciting chapter of its growth.”