Cudoni secures multi-million-pound investment amidst global pandemic
Premium fashion resale service, Cudoni, has today announced the backing of key investors to secure a total of £4.7 million worth of investment for the brand. Cudoni has formally announced that the dmg ventures, the venture capital arm of Daily Mail and General Trust led the investment round to raise funds from Andrew Jennings (formerly Harrods, Holt Renfrew, House of Fraser and Saks Fifth Avenue), as well as US fund Hunt Investment Group and South African fund Concurrence Capital.
This investment was secured in addition to further backing from previous investors including the Daily Mail and General Trust, Nick Wheeler (Founder of Charles Tyrwhitt), Lord Mervyn Davies (Chairman of the Lawn Tennis Association), Cudoni Chairman Matt Cooper (Founder of Capital One) and Giles Brook (CEO of Vita Coco).
The investment will support brand growth internationally at a time when the luxury resale market is booming, fuelled by consumer concerns for sustainability and a move away from fast fashion.
Speaking of the investment announcement, founder James Harford-Tyrer said:
“It is brilliant to receive further backing from such esteemed business leaders, most notably during what has been an incredibly tough year for certain sectors. This investment comes at a crucial stage of our journey. The valued support and investment from new and existing investors will allow us to continue our rapid expansion at a time when we are moving towards a more international model. It’s great to see business leaders investing in the luxury resale market, as we move to a more sustainable and conscious way of living, as well as supporting circular fashion which people are buying into increasingly.”
One fifth of the funds raised has come from different countries, the investment will enable the luxury resale brand to further finance recruitment as well as allowing Cudoni to branch into international expansion.
The business is a market leader in fashion resale, boasting an exceptionally premium service centred on complete convenience for clients. Cudoni has also received media recognition, including being named as one of the top resale sites by the Evening Standard, Vogue Business and Tatler, amongst others. Alongside this, Cudoni has executed two successful charity campaigns in support of Women’s Aid and Future Dreams, with support from Alexandra Shulman, Gaby Roslin and Laura Whitmore.
This year, serial entrepreneur James Harford-Tyrer was named as one of Forbes 30 under 30. He founded Cudoni in 2015 after spotting a gap in the market for a premium online service and community for customers who valued their time and did not want the hassle of reselling themselves. In just five years, Cudoni has quickly carved a path as a market leader in its field, this is testament to a fresh and innovative new approach to the traditional retail sales model. Customers don’t just sell with the Cudoni community but benefit from extensively analysed market research and specialist knowledge that in turn deliver higher sales values.
More information on Cudoni can be found by visiting www.cudoni.com
To arrange for further information or comment please contact [email protected] | 01452 346466
Notes to editor
Cudoni is the most effortless way to sell your pre-loved luxury from the comfort of your home. From designer fashion, fine jewellery, and watches to luxury accessories, Cudoni offer a unique resale service, designed around its client’s needs. Dedicated to providing an unrivalled service, Cudoni strives to go above and beyond, from the first call to the final payment.
Using a data driven approach, Cudoni aim to achieve the maximum value for each item.
Getting started is simple with Cudoni’s easy three step process:
- Register online or call Cudoni to advise what items you would like to sell
- Cudoni will arrange a complimentary VIP collection to retrieve the items before providing market valuations
- Clients are paid as their items sell
A full list of the brands Cudoni sell can be seen at www.cudoni.com/designers
@cudoniuk | www.cudoni.com