Luxury Promise, a platform for second-hand luxury products, has raised £ 8 million in subsequent funding led by existing investors, including Beringea.
The startup was founded in 2017 by Sabrina Sadiq, who had more than a decade of experience with global luxury brands.
Seeks to democratize the luxury industry by providing customers around the world with access to authenticated products through technology-enabled social commerce.
Luxury Promise, which has achieved over 450% sales growth since 2019, creates live shopping experiences to give consumers the opportunity to interact with one of the company’s specialist authenticators.
It will use the funding to fuel expansion into new markets, increase hiring in operations, logistics and finance, and expand the innovative live shopping platform into multiple time zones and languages.
The round also secured new support from influential industry leaders and strategic investors including Francois Delage, former CEO of De Beers Jewelers and an executive at LVHM; Pierre Denis, former CEO of Jimmy Choo and executive of LVMH; Chryseis Tan, senior executive of Berjaya Corp Berhad; Nick Evans and Spencer Skinner, managing partner of Active Partners; and Lena Tan, senior executive of New World Group.
“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,” he said. said CEO Sadiq.
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 just 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.”
The Luxury Promise live shopping platform raises £ 8 million
Source link The Luxury Promise live shopping platform raises £ 8 million