Handbag Clinic secures new funding to drive growth, taps new chairman
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Management
Handbag restoration and resale retailer Handbag Clinic has secured 750 thousand pounds in funding and appointed a new chairman as it pushes forward with “ambitious growth plans”.
The British company said Wednesday it would use the funding to accelerate its growth across the UK and to invest in new technology and innovations.
As part of that investment in tech, the company said it has teamed up with Durham University to adapt facial recognition technology to authenticate handbags and assess their condition and value.
The latest investment was raised through the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia.
“Despite the challenging trading conditions within the pandemic, we’ve enjoyed consistent growth and record online sales,” said Handbag Clinic co-founder and CEO Charlotte Staerck in a release.
Handbag Clinic taps new chair
The company also announced that former Claire’s Accessories CEO Beatrice LaFon has joined the business as its new chairman. Meanwhile, WhoCanFixMyCar.com founder Ian Griffiths has been appointed as digital strategy consultant.
“We are excited to welcome both Beatrice and Ian onto the board - their unrivalled knowledge and expertise will add huge value,” Staerck said. “They share our vision and, together with the new investment, can help us to realise our aggressive growth plans, taking Handbag Clinic to the next level.”
Handbag Clinic repairs and resells handbags from coveted brands including Hermes, Chanel, Louis Vuitton, Bottega Veneta, Saint Laurent, Dior, Gucci and Fendi.
It operates two UK brick and mortar stores, an e-commerce platform, in-store concessions in Fenwick Newcastle and Colchester, and franchises in Europe and the Middle East.
The company said it restores around 700 bags each month, and resells around 300.
During the first lockdown - in the second quarter of 2020 - the company experienced a record 500 percent growth in online sales and an overall 306 percent year-on-year growth.