Designer handbags reseller wins backing from former Jimmy Choo chief

Business

A digital platform which allows consumers to buy, sell and swap designer handbags has won backing from a host of luxury goods executives including a former boss of Jimmy Choo.

Sky News understands that Luxury Promise, which was founded in 2017, will announce this week that it has raised $11m in a funding round led by existing investors including Beringea, a venture capital firm which has held stakes in companies such as Chargemaster, the maker of electric vehicle charging equipment.

Luxury Promise’s funding injection will also include money from Pierre Denis, the former Jimmy Choo chief executive and Francois Delage, the ex-CEO of De Beers.

Pierre Denis at The Hollywood Reporter and Jimmy Choo Celebration of the Most Powerful Stylists in Hollywood, on Wednesday, March, 13, 2013 in Los Angeles Pic: AP
Image:
Backers include former Jimmy Choo chief executive Pierre Denis. Pic: AP

The company describes itself as a “pioneer of luxury live shopping”, enabling shoppers to interact with so-called “edutainers” who advise on the heritage of luxury brands and products.

It initially started out as a platform for selling and swapping designer handbags, but has since expanded into clothing, shoes and accessories.

Sabrina Sadiq, the company’s founder and chief executive, said: “Luxury Promise is on a mission to disrupt the luxury resale market through our community-first approach to live shopping.

“This raise enables us to build upon our rapid growth, roll out our live streaming platform on a wider international scale as well as scale our operations and tech integrations to fortify our presence as a leading global player in luxury resale.”

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The latest funding takes the total sum raised since Luxury Promise’s launch to $20m, and comes amid a surge in investor demand for innovative ways to sell and recycle luxury goods online.

The new capital will be used to expand its live shopping platform across other time-zones and languages.

Based in London, the company also has operations in Dubai.

Karen McCormick, Beringea’s chief investment officer, said: “Luxury Promise remains one of the true luxury resellers of highly authenticated products, with incredible client engagement and repeat rates.

“We see huge potential in the business as it enters the next exciting chapter of its growth.”

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