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Successfully funded
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Used by Harrods and Harvey Nichols, Handbag Clinic cleans and restores designer bags with a chain of owned and franchised stores throughout the UK, Monaco and the Middle East. Revenue last year over £1m and growing over 186% in 6 months. They are now raising funds to buy and sell more designer bags.
- Cleaned & Restored an estimated £30M worth of designer handbags
- Featured in Grazia, Elle, Daily Mail and Sky News
- High Profile clients; Gucci, Radley, Dior, Jimmy Choo, UGG, D&G
- £681k of investment into the business via Furniture Clinic
Idea
We started to trade in 2013 offering cleaning & restoration services for designer bags and now have stores in Chelsea, Leeds and Newcastle as well as a drop off location in Harvey Nichols Manchester.
This trade occurred within our connected company, Furniture Clinic, until September 2018, when Handbag Clinic Limited incorporated as an independent company. Since then bag sales have increased from £55,000 per month to £103,000 in December 2018. This is in addition to restoration sales.
We purchase bags from our customers, restore them to make them as good as new, then sell them for 50% of the retail price. This opens up the luxury market to millions of people that could otherwise not afford to shop for luxury fashion. The combination of restoring and selling creates greater margins, keeps stock quality high and is our main point of difference.
With sales in excess of £1m last year (EBITDA: £6,000, within Furniture Clinic) and a steady increase in the amount of handbags being restored and available for sale, currently over 500 handbags available on our site, this is a very exciting opportunity for growth.
With funding, we are looking to substantially increase the number of bags we buy, launch a new website, improve systems and increase marketing.
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