Cudoni, a luxury resale platform based in the United Kingdom, has secured £7.5 million (approximately $9.25 million) in funding, with participation from eBay’s venture arm and existing investors, as reported by The Business of Fashion on Monday (Jan. 23).
James Harford-Tyrer, Founder and CEO of Cudoni, expressed gratitude for the investment, stating, “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.”
Cudoni, known for its VIP service in the luxury resale space, offers a unique approach where it collects items from sellers’ homes, evaluates and lists them, and sells them on commission. The platform deals with a variety of items, including apparel, jewelry, watches, and more, from over 4,000 designer brands.
Regarding the investment, both Cudoni and eBay have not provided immediate comments in response to PYMNTS’ request.
The luxury resale market has demonstrated resilience despite economic pressures, with consumers continuing to engage in acquiring couture and high-end fashion, according to research from PYMNTS.
Online and mobile platforms have played a significant role in the success of pre-owned fashion retailers, allowing them to expand their global presence through eCommerce marketplaces, as highlighted in the “Buy Now, Pay Later Tracker®,” a collaboration between PYMNTS and Splitit.
Luxury retailers, too, have shown an increasing interest in recommerce, seeking to tap into the demand for second-hand luxury goods, as observed by PYMNTS’ Karen Webster in January 2022.
EBay’s investment in Cudoni aligns with the recommerce pioneer’s renewed focus on being a platform for used items. The company recognizes the growing demand for second-hand luxury goods, particularly among Gen Z and millennials, with a heightened focus on sustainability.
In October 2022, eBay CEO Jamie Iannone emphasized the platform’s commitment to sustainability and ‘re-commerce,’ positioning eBay as a pioneer in this space.
Building on this commitment, eBay opened the eBay Luxury Exchange in Manhattan’s Diamond District in November 2022. This storefront provides an authentication service for various items, including sneakers, watches, handbags, trading cards, and fine jewelry, offering a trusted environment for luxury enthusiasts to refine their collections. Tirath Kamdar, eBay General Manager of Luxury, highlighted the desire to create an in-real-life experience reflecting eBay’s daily operations.
With this strategic investment and focus on recommerce, Cudoni and eBay aim to further capitalize on the evolving trends in the luxury resale market.
Catch the latest in supply chain news on The Supply Chain Report. Visit ADAMftd.com for free international trade tools.
#Cudoni #LuxuryResale #Recommerce #Sustainability #eBayInvestment #PreOwnedFashion #LuxuryGoods #VIPService #LuxuryResaleMarket #SecondHandLuxury #FashionTech #OnlineMarketplace #SustainableFashion #LuxuryRetail #DesignerBrands #Couture #EcoFriendlyShopping #FashionInnovation #eBayLuxury #BuyNowPayLater #GlobalPresence #LuxuryApparel #InvestmentNews #CudoniFunding #EcommerceGrowth
