The investment comes from the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia Ventures.

The Handbag Clinic achieved record growth in the past year with a turnover of £1.6 million (US$2.04 million) and a target of £3 million (US$3.82 million) for the 2024 financial year. Thanks to the NEVF, the company has also doubled its UK team to a total of 55 since 2021 and plans to bring in an addition 10 people in 2024.

The company has also named former Wacoal Europe Chief Executive Tracy Lewis as its new Non-Executive Chair and Chief Technical Officer Will Chalk, who will spearhead the company’s development of AI and microscopic imaging technology for its authentication on its e-commerce platform.

In 2023, The Handbag Clinic also launched The Inner Circle, a “unique 360° luxury care plan”, which offers members several tiers of plans to protect their goods against accidental damage.

Ian Wilson of Mercia Ventures said: “With sustainability a key issue for luxury fashion brands and consumers, the resale market continues to grow. The Handbag Clinic has established itself as the trusted aftercare service for the biggest luxury brands. This latest investment will help the company to continue its growth trajectory and pursue its ambition to become the leading global authority for preloved handbags.”

Source: Fashion United