Handbag Clinic, the luxury bag restoration and resale business, has launched its second capital-raising campaign to help support its global expansion plan.
It follows a first round on crowdfunding platform Crowdcube in January, in which Handbag Clinic exceeded its £150,000 target by more than £90,000. It is using a London corporate finance firm for the second round.
If successful, the £2m will be invested in brand building, inventory acquisition, streamlining systems, HR and launching the business into new locations. It currently operates three stores in the UK – London, Newcastle and Leeds – and has three franchise stores across Monaco and the Middle East.
Co-founder Ben Staerck said: “Since completing our first raise earlier this year, we’ve exceeded our 12-month target in the first six months and should hit our second-year target before the year-end.
“Never has there been such appetite for pre-owned luxury and our business model is uniquely positioned in that we can increase the value of a handbag by restoring it before reselling it, ensuring optimum return for sellers.”