eBay Invests in Luxury Goods Resale Platform Cudoni
When you think about eBay, you probably don’t think about buying luxury goods from brands like Christian Louboutin, Fendi, Alexander McQueen, Celine or Valentino. However, that opinion may be about to change.
eBay is betting big on the luxury resale market with a £7.5 million ($9 million) investment in the UK-based resale platform Cudoni.
eBay’s venture arm participated in the funding round, which also saw investments from The Daily Mail Group Ventures and global retail advisor and former Woolworths man Andrew Jennings. This latest round of funding brings total investment in the resale platform to £14.3 million ($17.6 million) since being founded in 2017.
What Does Cudoni Do?
The Cudoni platform connects millions of buyers and sellers worldwide and offers products from more than 4,000 brands, including luxury handbags, watches, jewellery, and streetwear, for sale on its site.
Speaking to journalists, Cudoni’s founder and chief executive, James Harford-Tyrer, said, “It is an outstanding vote of confidence in the brand and our ambitions, to receive investment from recommerce pioneer, eBay, during what has been an incredibly tough year for the consumer sector.”
