Luxury Resale Site Cudoni Shuts Business — Retail Bum

Luxury resale platform Cudoni, known for its collection of high-end bags, watches, and jewelry, has ceased operations effective immediately.

The London-based company cited the current economic conditions, including the rising cost of living and the global economic crisis, as critical factors that made it “impossible” to continue doing business.

As per a statement on Cudoni’s website, the company will start returning unsold inventory to sellers in the coming days.

The company’s decision to shut its operations comes several months after it secured $9.2 million in funding from investors, including eBay’s venture arm.

“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 at the time of the funding announcement.

eBay’s move to invest in Cudoni aimed to strengthen the auction marketplace’s position as a leader in the resale of second-hand luxury goods and followed its 2021 authentication service rollout for luxury handbags in June 2021. It came at a time when the luxury resale sector was registering double-digit growth.

Since then, the online resale industry has become much more competitive, with luxury brands…