Luxury Promise secures £ 8m Series A investment led by Beringea – UK Tech Investment News


The leader in pre-loved luxury has achieved sales growth of over 450% since 2019

London, 03 February 2021: Luxury Promise (“LP”), the leading platform for pre-loved luxury products, announced today that it has closed a follow-up $ 11 million round led by existing investors including Beringea, VC’s transatlantic company.

The round also secured new support from influential industry leaders and strategic investors, including Francois Delage (former CEO of De Beers Jewelers and Executive of LVMH), Pierre Denis (former CEO of Jimmy Choo and Executive of LVMH), Chryseis Tan (Senior Executive of Berjaya Corp Berhad), Nick Evans (Managing Partner of Active Partners), Spencer Skinner (Managing Partner of Active Partners who led their investment in Soho House) and Lena Tan (Senior Executive of New World Group), bringing the company’s total funding to date to $ 20 million.

LP has pioneered luxury live shopping, which has been a key factor of more than 450% in sales growth since 2019. LP’s live shopping experiences offer consumers the opportunity to interact with one of the authenticators specialized in the company. This edutainment experience, which provides valuable insight into the heritage of luxury brands and products, engages a community of luxury enthusiasts.

Luxury Promise will use the funding to fuel expansion into new markets, increase hiring across all operational, logistics and financial functions, and expand the innovative live shopping platform into multiple time zones and languages.

LP was founded in 2017 by entrepreneur Sabrina Sadiq who had the vision of revolutionizing the luxury industry. With over a decade of experience with global luxury brands, Sabrina has identified an opportunity to democratize the luxury industry by providing customers around the world with access to pre-loved, expertly authenticated, exceptional products through social commerce enabled. technology.

Sabrina Sadiq, founder and CEO of LP said:

“Luxury Promise has a mission to disrupt the luxury resale market through our community-centric approach to live shopping. This increase allows us to leverage our rapid growth, implement our live streaming platform on a larger international scale, as well as expand our operations and technology integrations to strengthen our presence as a leading global player in luxury retail. ”

Karen McCormick, Chief Investment Officer of Beringea, said:

“Luxury Promise remains one of the true luxury retailers of highly authenticated products, with incredible customer engagement and repeat rates. Sabrina is not only a founder, but a friend and inspiration to the wider Luxury Promise community and the true spirit of the brand. Her specialist experience and her effortless leadership have created an extraordinarily diverse, motivated and creative team. We see tremendous potential in the business as it enters the next exciting chapter of its growth. “

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Luxury Promise secures £ 8m Series A investment led by Beringea – UK Tech Investment News

Source link Luxury Promise secures £ 8m Series A investment led by Beringea – UK Tech Investment News

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