Luxury Nets brand handbag reseller $ 20M
The used luxury goods supplier Luxury brand landed $ 20 million in funding provided by Provident Capital Partners.
As FinSMEs reported on Monday, November 22, the funding will allow the Irvine, Calif.-Based company to expand its operations, primarily in North America, and generate business around the world, both in B2B and B2C sectors.
Led by President and Co-Founder Quentin Caruana, Marque Luxury sells B2B-authenticated pre-owned luxury goods, including handbags, small leather goods, accessories, watches and jewelry. In addition to Irvine, the company has re-commerce centers in Los Angeles, New York, Atlanta, Miami, Las Vegas, Dallas and Charlotte, as well as global centers in Japan, Singapore, Hong Kong and Indonesia. .
Read more: Why designer handbag retailer Marque Luxury is opening brick and mortar showrooms
In an interview with PYMNTS in January, Caruana said the company is avoiding the trend to move away from physical venues by adding showrooms in New York and other major cities across the United States.
âIt’s a unique type of product, [and] the biggest variable is state. Having the ability to touch and smell the product is so important that it becomes difficult for customers to buy online, âsaid Caruana, whose company buys and sells second-hand designer items made by brands like Chanel, Louis Vuitton and Gucci.
The Manhattan showroom was Brand’s fifth physical location added between 2019 and 2021, and was followed by a store in Dallas. The company was slated to open four additional showrooms in the United States and two distribution centers this year.
The brand’s expansion coincided with a boom in the luxury goods and second-hand goods markets, with luxury goods sales increasing as consumers who couldn’t travel or dine out spent those dollars elsewhere. .
A study by online consignment platform thredUP and GlobalData Retail predicts that the used clothing market will more than double to $ 64 billion by 2024.
Brand says it meets both markets by selling high-end fashion accessories to retail and wholesale customers.
According to Caruana, the company finds, classifies and purchases high-end second-hand handbags and other accessories around the world, unearthing fakes using visual inspection and software that compares. microscopic photos of used products to authenticated versions..