eBay has made a £7.5m investment in the luxury resale platform Cudoni, bringing its total take to £14.3m. “This is an excellent vote of confidence in the brand and our ambitions to receive investment from re-commerce pioneer eBay”has indicated in a statement James Harford-Tyrer, founder and CEO of Cudoni.
the platform of cudoni sells luxury clothing, jewelry, and watches. Items are collected from sellers’ homes, appraised and listed, and then sold online for a commission. Since the end of 2020, sales on the reselling platform have increased sevenfold, creating a need for additional sales and marketing support, which Cudoni intends to fund through its latest round of investment. Cudoni’s website claims it resells items from 4,000 brands, including Prada, Hermès, Louis Vuitton and Celine.
The move to invest in Cudoni is part of the efforts of ebaand to solidify its position as a leading second-hand luxury goods reseller. In mid-2021, eBay launched a authentication service for luxury bags, and a year later, it extended its authenticity guarantee service to the United Kingdom. Last year, eBay extended its guarantee of authenticity again, but this time to include jewelry.
Further furthering its commitment to reselling, eBay opened a store in Manhattan’s Diamond District in November 2022. The eBay Luxury Exchange now offers authentication services for sneakers, watches, bags, collectible cards and fine jewelry.