Luxury fashion resale brand Cudoni has secured a further round of investment to the total of 4.6 million pounds, which it states will support plans for international expansion.
The multi-million-pound investment comes from the backing of key investors with the Daily Mail Group Ventures leading 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 Lord Mervyn Davies, chairman of the Lawn Tennis Association and Cudoni chairman Matt Cooper, founder of Capital One.
This latest funding round for the fashion company is believed to be the largest amount ever raised for investment within a UK fashion resale business and comes amidst a global pandemic.
Cudoni secures 4.6 million pounds in further investment
Speaking of the investment, founder James Harford-Tyrer, said in a statement: “It is great to receive further backing from industry pioneers and business leaders, during what has been an incredibly tough year for the consumer sector amongst others. This investment comes at a crucial stage in our growth journey, at a time where we are looking to be increasingly present on the global stage.
“The valued support and investment from new and existing investors will allow us to continue our rapid expansion both within the United Kingdom and overseas. We remain excited that business leaders continue to invest in the luxury resale market through Cudoni as part of an important movement towards a more sustainable and conscious way of living.”
The investment the company said 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”.
International expansion is an important part of the company’s growth strategy, as one-fifth of the funds raised came from overseas investors. The investment raised it added will enable the luxury resale brand to further finance recruitment as well as allowing Cudoni to branch into new markets.
Last year the resale service relaunched its marketplace offering an enhanced shopping experience as well as placing its VIP service at the forefront, highlighting how each piece showcased is fully authenticated by Cudoni to ensure only genuine items are featured, giving the purchaser full assurance of product authenticity.
Image: courtesy of Cudoni