1. News
November 22, 2021

Marque Luxury secures $20m in funding for business expansion

The funding will be used for the retailer’s business expansion on an operational scale, with a special focus on North America.

US-based preowned luxury goods retailer Marque Luxury has raised $20m in funding from investment firm Provident Capital Partners.

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The funding will be used to facilitate the company’s ongoing business expansion, with a special focus on North America.

Marque Luxury will also use the funding to boost its omnichannel strategy and generate business activity on a business-to-business and business-to-business-to-consumer basis in the worldwide market.

Marque Luxury president and co-founder Quentin Caruana said: “We are pleased to announce this funding round and appreciate our team’s efforts in maintaining and growing Marque Luxury’s presence in the promotion of sustainability within the circular economy.”

Marque Luxury secured the investment after a period of ‘tremendous’ growth, having opened re-commerce hubs in the US and other hubs in Asia last year.

The company said that it had ‘aggressive’ plans for future expansion.

Earlier this month, the retailer opened a showroom in Charlotte, North Carolina. The showroom is the company’s first outlet in North Carolina and its fourth East Coast location.

Marque Luxury offers a range of luxury brands, including Louis Vuitton, Gucci, Chanel and Hermes.

The company provides business-to-business (B2B) authenticated pre-owned luxury accessories, including handbags, small leather goods, accessories, watches and jewellery.

It operates re-commerce hubs in Irvine, Los Angeles, New York, Atlanta, Miami, Las Vegas, Dallas and Charlotte, as well as several international locations, including Japan, Singapore, Hong Kong and Indonesia.

In June, Marque Luxury partnered with artificial intelligence (AI) based authentication provider Entrupy to launch the Marque Verified Pre-Owned (VPO) Programme.

The programme is designed to improve the retailer’s blockchain technology security by providing a digital non-fungible token (NFT) for those purchasing luxury goods in the secondary market.

The NFT will act as a digital certificate and store the record indefinitely on the blockchain to assure the item’s current and future owners of its authenticity.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.