Premium fashion resale service, Cudoni, has confirmed the backing of key investors to secure a total of £1.4m worth of investment for the emerging brand.
The brand has formally announced that backing comes from the Daily Mail and General Trust, Nick Wheeler (founder of Charles Tyrwhitt), Lord Mervyn Davies (chairman of the Lawn Tennis Association), Matt Cooper (founder of Capital One bank) and Giles Brook (CEO of Vita Coco).
The investment will support brand growth internationally at a time when the secondary fashion market is booming, fuelled by consumer concerns for sustainability.
Speaking of the investment announcement, founder James Harford-Tyrer said: “It is fantastic to receive further backing from such esteemed business leaders at this pivotal stage of our journey. Their valued support and investment will allow us to continue our rapid expansion at a time when we are moving towards a more sustainable way of living and the resale industry is thriving.”
The investment will allow the luxury resale brand to branch into international expansion, as well as developing existing technology to assist with business efficiency and add to the current team.
The fashion resale business boasts an exceptionally premium service centred on complete convenience. Cudoni has also received media recognition, including being named as one of the top resale sites by the Evening Standard and Daily Telegraph, amongst others.
The news comes following the appointment of Matt Cooper as chairman of the board, previously principal managing director of Capital One bank and chairman of Octopus Investments. Matt Cooper first became involved with Cudoni in line with his initial five-figure investment made following the business’ relaunch in May 2017. The new formalised partnership has since seen a total six-figure investment and will involve Matt working closely alongside Cudoni founder & CEO, James Harford-Tyrer offering guidance and expertise to steer the business into the next phase.
Serial entrepreneur James Harford-Tyrer founded Cudoni in 2015 after spotting a gap in the market for a premium online service and community for stylish individuals with overflowing wardrobes, who valued their time and did not want the hassle of reselling themselves.
In just over three years, Cudoni has quickly carved a path as a market leader in its field, testament to its 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 delivers higher end sale values.
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