London-based Luxury Promise is a next-gen e-commerce platform for those who love pre-owned luxury products. It lets people buy, sell, and swap luxury items all over the world.
In a recent development, Luxury Promise bagged $11 million in a follow-on round led by existing investor Beringea, the transatlantic VC firm that invested in Amsterdam-based Dealroom in December 2021.
Also, influential industry leaders and strategic investors including Francois Delage (Former CEO of De Beers Jewelers and Executive at LVHM), Pierre Denis (Former CEO of Jimmy Choo and Executive at LVMH), 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) participated in the round.
With this, the total funding secured by Luxury Promise is now $20 million. The company has announced that it will use the funds 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.
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, 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.”
Disrupts luxury industry!
Founded by female entrepreneur Sabrina Sadiq in 2017, Luxury Promise operates with the vision to disrupt the luxury industry. The founder has over a decade of experience with global luxury brands and wants to democratise the sector by providing customers worldwide with access to pre-loved products via an authentic and tech-enabled social commerce platform.
The brand houses one of the largest and most sought-after collections of luxury products and focuses on digital innovation and its expertise to facilitate an experiential, live and digital sales experience. The business comprises a team of pre-loved luxury enthusiasts who help keep the brand in touch with the latest in consumer trends. Headquartered in London, Luxury Promise also operates in Dubai.
Uses advanced AI tech!
The company has pioneered luxury live shopping, which has been a key driver of more than 450% in sales growth since 2019. It provides consumers with an opportunity to interact with one of the company’s specialist authenticators. This experience provides valuable insights into the heritage of luxury brands and products, engages a community of luxury enthusiasts.
Also, Luxury Promise works with the mission to deliver its five-S rule – Safety, Security, Sustainability, Savings and Shopping. Notably, it is the world’s first resale platform to evaluate, authenticate, sell and buy pre-loved luxury goods using the most advanced artificial intelligence technology. Each item is carefully authenticated and checked by our team of expert authenticators going through triple quality control.