Leader in pre-loved luxury has achieved more than 450% sales growth since 2019
Luxury Promise (“LP”), the leading platform for pre-loved luxury products, today announced it has closed an $11 million follow-on round led by existing investors including the ProVen VCTs.
The round also secured new backing from influential industry leaders and strategic investors including Francois Delage (Former CEO of De Beers Jewelers), Pierre Denis (Former CEO of Jimmy Choo), Chryseis Tan (Senior Executive of Berjaya Corp Berhad), Nick Evans (Managing Partner at Active Partners), Spencer Skinner (Managing Partner at Active Partners who led their investment into Soho House) and Lena Tan (Senior Executive at New World Group), bringing the company’s total funding to date to $20 million.
LP has pioneered luxury live shopping, which has been a key driver of more than 450% in sales growth since 2019. LP’s live shopping experiences provide consumers with an opportunity to interact with one of the company’s specialist authenticators. This ‘edutainment’ experience, which provides valuable insights on the heritage of luxury brands and products, engages a community of luxury enthusiasts.
Luxury Promise will use the funding to fuel expansion into new markets, ramp up hiring across operating, logistics and finance functions, and expand the ground-breaking live shopping platform across multiple time zones and languages.
LP was founded in 2017 by entrepreneur Sabrina Sadiq who had the vision to disrupt the luxury industry. With more than a decade of experience with global luxury brands, Sabrina identified an opportunity to democratise the luxury sector by providing customers around the world with access to exceptional pre-loved products, expertly authenticated, through tech enabled social commerce.
Sabrina Sadiq, founder and CEO of LP said: “Luxury Promise is on a mission to disrupt the luxury resale market through our community-first approach to live shopping. This raise enables us to build upon our rapid growth, roll out our live streaming platform on a wider international scale as well as scale our operations and tech integrations to fortify our presence as a leading global player in luxury resale”.
Karen McCormick, Chief Investment Officer of Beringea, the investment manager of the ProVen VCTs, said: “Luxury Promise remains one of the true luxury re-sellers of highly authenticated products, with incredible client engagement and repeat rates. Sabrina isn’t just a founder, but a friend and inspiration to the wider Luxury Promise community, and the true spirit of the brand. Her specialist expertise and effortlessly inclusive leadership has built a remarkably diverse, motivated, and creative team. We see huge potential in the business as it enters the next exciting chapter of its growth.”
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Find out more about the ProVen VCTs’ annual shareholder event, which featured insights from Beringea, the investment manager, the boards of the two funds, as well as several of the companies from the portfolio
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