An online marketplace for rare and vintage handbags and accessories has secured £3m in investment.
Luxury Promise secured the Series A round from Beringea, and was also backed by existing investor Lloyd Amsdon, co-founder of premium watch marketplace Watchfinder which was acquired in 2018.
Luxury Promise was founded in 2017 by Sabrina Sadiq, an experienced authenticator of luxury goods. The business has since expanded its operations into London and Dubai.
The firm’s marketplace hopes to enable consumers to shop sustainably for pre-owned luxury goods which are authenticated and in some cases repaired by experts.
This latest round of investment will be used to broaden the offering available on the Luxury Promise marketplace, expand the repairs and workshop expertise, and open a storefront location.
Sadiq, founder and CEO of Luxury Promise, said: “We are very proud of the platform we have built at Luxury Promise, having become the go-to luxury retailer for discerning clients with a focus on sustainability.
“We are delighted to have partnered with Beringea and Lloyd Amsdon, both of whom provide a strong endorsement of our achievements to date and additional capital to enable us to maintain our strong momentum”.
Karen McCormick, Chief Investment Officer of Beringea, added: “Luxury re-sale is a space we have followed for a number of years, and Sabrina’s focus on authenticity, long-term customer relationships, and highest quality product really set Luxury Promise apart from competition.
“The forward focus on in-house repairs and inventoried product is a further differentiator.”