Resale platform Cudoni has announced that it has made the decision to shutter its business after being hit by the “current climate” in the UK.
Its closure comes just three months after the company raised a significant 7.5 million pounds in a funding round led by marketplace giant Ebay’s venture arm and existing investors.
The platform, which was founded by James Harford-Tyrer, relaunched in 2017, shifting its focus from selling pre-owned products to pre-owned luxury fashion.
Its initial mission was to simplify the luxury resale process by arranging for items to be collected from sellers’ homes, after which it would take care of evaluations and listings in return for a commission.
However, now it seems Cudoni is another to cave under the impact of the UK’s current cost-of-living crisis, with a letter posted on the company’s website stating that it had “explored every option”, but it was “impossible” to continue in the current climate.
It noted that it would no longer be accepting consignment items and would be shipping all other items back to their owners.
Meanwhile, customers who have made a purchase will still be able to return products within the set time period and a range of the platform’s own design items will continue to be sold on its website at discounted prices.
The announcement comes less than a week after the childrenswear resale platform Dotte also announced that it would be closing down.
Also based in the UK, the firm’s closure additionally came after exploring “every option” despite securing a crowdfunding campaign and launching a series of resale partnerships with notable retailers.