Luxury Promise secures new funding to expand handbag business

A London-based startup that specialises in buying and selling pre-owned Hermès and Louis Vuitton handbags online, on Wednesday said it has secured new investment and plans to open its first standalone shop.

Knightsbridge-headquartered Luxury Promise, which authenticates luxury goods, offers repairs, and takes a commission when sellers listed on its website agree sales, has raised just over £3 million to expand.

The investment was led by London-based venture capital firm Beringea, a backer in jewellery brand Monica Vinader.

Luxury Promise was founded by entrepreneur Sabrina Sadiq in 2017.

She said the company will increase staff numbers and look to open a store in central London later this year when the current lockdown is lifted.

Sadiq added: “There continues to be substantial demand for luxury goods in London and around the world. However, consumers are demanding far greater emphasis on sustainability within the industry. Luxury Promise perfectly brings these trends together.”

Karen McCormick, chief investment officer at Beringea, said: “Luxury re-sale is a space we have followed for a number of years, and Sabrina’s focus on authenticity, long-term customer relationships, and highest quality product really set Luxury Promise apart from competition.”