Luxe site Cudoni secures £4.6m investor backing to support UK, overseas expansion
Premium online fashion platform Cudoni has secured £4.6 million backing from key international investors, claiming the amount is the largest ever raised for investment within a UK fashion resale business.
The investment will support brand growth internationally at a time when the luxury resale market is booming, fuelled by consumer concerns for sustainability and a move away from fast fashion.
UK-based Cudoni said Daily Mail Group Ventures led the investment round to raise funds from Andrew Jennings (formerly Harrods, Holt Renfrew, House of Fraser and Saks Fifth Avenue), as well as US fund Hunt Investment Group and South African fund Concurrence Capital.
Cudoni said the new investment is in addition to further backing from previous investors including Lord Mervyn Davies and Cudoni chairman Matt Cooper, founder of Capital One).
Cudoni founder James Harford-Tyrer said: “It is great to receive further backing from industry pioneers and business leaders, during what has been an incredibly tough year for the consumer sector amongst others.
“This investment comes at a crucial stage in our growth journey, at a time where we are looking to be increasingly present on the global stage. The valued support and investment from new and existing investors will allow us to continue our rapid expansion both within the United Kingdom and overseas."
He added: “We remain excited that business leaders continue to invest in the luxury resale market through Cudoni as part of an important movement towards a more sustainable and conscious way of living.”
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