eBay has made a £7.5 million (approx. $9.25 million) investment in luxury resale platform Cudoni, bringing its total raise to £14.3 million.
“It is an outstanding vote of confidence in the brand and our ambitions to receive investment from re-commerce pioneer eBay,” said James Harford-Tyrer, Cudoni’s founder and CEO.
Cudoni’s platform sells pre-pwned luxury apparel, jewelry, and watches. Items are picked up from sellers’ homes, evaluated and listed, and then sold online for a commission. Since the end of 2020, sales on the resale platform have increased sevenfold, creating the need for added sales and marketing support, which Cudoni aims to fund through its latest investment round.
“The marketplace brings something new and exciting to online retail, with the Cudoni credentials at its heart — VIP service throughout, premium product offering and ease and convenience,” said Harford-Tyrer in a 2018 press release announcing the launch of the marketplace.
The move to invest in Cudoni is part of eBay’s efforts to solidify its position as a second-hand luxury goods resale leader.
“Authenticity Guarantee has changed the way people buy and sell luxury items on eBay,” said Charis Márquez, vice president of Fashion at eBay, in June 2021.
In July 2022, eBay again expanded its authenticity guarantee, but this time to include fine jewelry. The move came as the luxury sector continued to gain momentum with double-digit growth.
Furthering its commitment toward resale, eBay opened a storefront in Manhattan’s Diamond District in November 2022. The eBay Luxury Exchange now provides authentication services for sneakers, watches, handbags, trading cards, and fine jewelry.