Ebay invests in luxury resale platform Cudoni
Luxury resale platform Cudoni, has raised 7.5 million pounds from eBay’s venture arm and existing investors.
The UK-based company, which aims to simplify the luxury resale process, said “it is an outstanding vote of confidence in the brand and our ambitions, to receive investment from recommerce pioneer, eBay, during what has been an incredibly tough year for the consumer sector,” founder and CEO James Harford-Tyrer told the Business of Fashion.
VIP service lies at the heart of Cudoni’s operations model, which arranges for items to be collected from sellers’ homes, taking care of evaluations and listings in return for a commission.
Cudoni’s website states it resells items from 4,000 brands including luxury houses Prada, Hermès, Louis Vuitton and Celine.
Ebay is no stranger to high-end fashion, having launched an authentication service for its second-hand sneaker market and opening a store for pre-owned luxury items in New York last November.
“It’s never been easier for luxury enthusiasts to refine their collections in a trusted environment, and we wanted to create an [in real life] experience that reflects what’s happening on eBay every day,” eBay General Manager of Luxury Tirath Kamdar said at the time.
Article sources: PYMNTS, Business of Fashion