A pre-owned watches and luxury goods ecommerce business has secured £3 million in growth capital from Downing LLP.
Xupes hopes the investment will allow it to improve its IT infrastructure, hire staff and increase and diversify its product range.
The firm was established in 2009 and initially specialised in the resale of high-end watches, art and antiques, and has since expanded to include jewellery and handbags, as well as becoming an accredited Cartier and Omega servicing centre.
Xupes currently has over 6,000 items in stock and in excess of 11,000 customers, having grown from 2,000 items in stock and 4,500 members in just three years.
In addition to the online store, Xupes has a showroom located in premises at Wickham Hall, Bishops Stortford. Here customers can browse Xupes’ collection in person.
Xupes co-founder and chief executive officer, Joe McKenzie, commented on the investment: “It has always been our aim to make Xupes the go-to UK destination for pre-owned luxury goods and our funding partnership with Downing is helping make this a reality.
“Xupes is uniquely positioned in the level of its customer service and the quality of products offered at up to 70% off the original retail price. We’re confident that our market will continue to flourish led, in part, by an improved level of trust in internet purchases and greater appreciation of the importance of recycling timeless fashion and collectibles.”
Meanwhile, James Lewis, investment director, Downing LLP, added: “From the moment we met the Xupes team, we were impressed by their entrepreneurial spirit – an ethos shared by Downing. What’s great about this funding support is that it will allow the Xupes business to grow without compromising its core qualities, such as its exceptional quality of service.”