Apr 25, 2023
French second-hand luxury platform Monogram recently completed the first round of financing of 3 million euros and is expected to reach a turnover of 15 million euros this year.
On April 24, Monogram, a French second-hand luxury goods platform, announced that it had completed its first round of financing of nearly 3 million euros. Investors include financial services company HWA Family Office and four angel investors.
Founded by Beverly Sonego more than 10 years ago, Monogram was called ByLuxe at the time and changed its name to Monogram in 2021 in order to transition to high-end. At the beginning of its establishment, the platform was committed to broadening the channels through which luxury goods could enter the public eye. Today, Monogram not only sells classic collections of luxury brands such as Boy Chanel, Hermès Birkin, and Louis Vuitton Alma but also trendy brands such as Yeezy and Off-White.
Last year, the company achieved 9.5 million euros turnover and is expected to reach 15 million euros this year. Since its launch, Monogram has always paid attention to the digital experience of its customers. In order to make the user experience on the website smoother, Monogram has optimized the functions of CRM tools and product identification tools. Going forward, Monogram will use the funding to continue improving pricing tools, content management systems, and dedicated apps.
At the same time, founder Beverly Sonego said in a statement that this round of financing aims to accelerate "the company's development, enhance technical tools through artificial intelligence, provide a more personalized experience, and continue to adhere to the 'Phygital' (online and offline integration) strategy to build a more sustainable and circular fashion industry."
The second-hand luxury market continues to thrive, even surpassing brand-new products. This not only depends on network technology with more comprehensive services but also benefits from the deepening awareness of the fashion industry's commitment to creating environmentally and socially friendly products. Although it existed as early as the 1980s and 1990s, it was only circulated among collectors. In the 21st century, a popular second-hand model appeared.
Galeries Lafayette on Boulevard Haussmann in Paris dedicates an entire floor to "sustainable fashion" and specializes in second-hand luxury goods. Monogram settled here on September 14, 2021. This place also brings together many experts who focus on second-hand clothing, such as Personal Seller, CrushON, Relique, Culture Vintage, Salut Beauté, and Patina.