London's latest startup re-selling your luxury items reports booming sales

Cudoni, London’s latest startup helping people sell their pre-owned luxury goods, has reported an increase in sales this August, just four months after the brand’s re-launch in May 2017.

This follows a huge trend amongst London’s high-net-worth individuals re-selling their expensive fashions, accessories and technology, with Cudoni basket sizes having increased by 40 per cent.

Iconic, rare items like the Hermes Birkin bag are increasing average basket values, which have leaped by 300 per cent in the last quarter of the year.

James Harford-Tyrer, the 25-year-old founder of Cudoni, commented: “It’s fantastic to see how far we’ve come in just a few months. Demand has been unprecedented.

“We’ve had to hire several team members and sources private warehouses to store incoming stock.”

The company’s share values have increased, and investors have caught on to the business. Current backers include Matt Cooper, chairman of Octopus Investments and founder of Capital One.

The founder credits Cudoni’s success to the VIP service on offer as well as the company’s ability to generate higher earnings for its customers. This works out as an average of 30 per cent more than they would achieve if they sold items themselves.

He added: “As schedules fill up with responsibilities, people have less time and patience for sifting through sales platforms and uploading information about products. We’ve found this is true amongst London’s high-net-worth individuals [especially].

“There is a raised awareness and dedication to sustainable living. It’s not just the thrill of the sale, people also want to lessen their environmental impact.”

Harford-Tyrer is a serial entrepreneur who set up his first business at just 13-years-old, and was recently the COO of a startup backed by Lebara Mobile. In addition, he was recognised as a Young Entrepreneur to Watch in 2016 by Startups online, and was a finalist in two categories of the Enterprise Awards 2017.

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