BrandAlley Leads Funding Round Into Resale Platform Sign of the Times
The flash sales site has invested in Sign of the Times alongside Tamara Hill-Norton, founder of Sweaty Betty, and Sarah Welsh, chief executive officer of the British mass fashion retailer N Brown Group.
LONDON — Sign of the Times, the London-based luxury resale platform that purchased the assets of its rival
Cudoni earlier this year, has secured new investment.
BrandAlley, a members-only site that specializes in flash sales, led the fundraising round alongside investors Tamara Hill-Norton, founder of Sweaty Betty, and Sarah Welsh, chief executive officer of the British mass fashion retailer N Brown Group.
In a telephone interview, Antonia Johnstone, owner and chief executive officer of Sign of the Times, said the company is profitable, and the funding will be used to enhance the brand.
Part of the money has gone toward the purchase of the assets of Cudoni, which went into administration earlier this year. Other funds have been earmarked for marketing and strategic hires, she added.
Sign of the Times' Chelsea store is set to be refurbished and the platform's technology will be enhanced. In addition, Johnstone said Sign of the Times is “open to further acquisitions.” The terms of the deal were not disclosed, although Johnstone said she retains a majority stake in the business.
She said the many challenges of the resale business include balancing “the sell-side and the buy-side; managing the constant flow of stock into the store; and customer acquisition.” Buying Cudoni's assets helped with the latter, increasing the Sign of the Times database by 35 percent.
As reported, Cudoni closed its doors abruptly in April, three months after an eBay-led fundraise worth 7.5 million pounds. The retailer had cited the rising cost of living and economic crisis as the reason.
Johnstone said Sign of the Times has grown by 300 percent in the last three years, “and we are looking forward to working strategically with BrandAlley in the future to achieve our ambitious growth goals.”
Sign of the Times has also forged a strategic alliance with BrandAlley.
The resale platform will provide BrandAlley with a white label “take back” service, part of the latter's efforts to embed circularity within the business.
CEO of BrandAlley Rob Feldmann said his company invested in Sign of the Times “because they are market leaders in their circular approach. This mindset aligns with our long-term vision to grow our business in a sustainable and circular way.”
He added that at BrandAlley there has been a “notable acceleration towards more considerate and sustainably minded purchasing decisions. Our customers appreciate and recognize the growing role that pre-owned fashion plays in their wardrobes and beyond.”
Johnstone added that, going forward, the plan is to provide white label services to other retailers, given the expertise Sign of the Times has developed. The platform authenticates every piece in person and uses additional machine learning technology to examine accessories, and spot “super fakes.”
Sign of the Times first opened in 1976 on Chelsea Green in London. It made its name selling vintage and designer items previously owned by celebrities.
Today, the business buys and re-sells pre-owned luxury goods to an international audience, and not just celebrities. It also offers authentication and valuation services.
It carries more than 5,000 items online, and 2,000 pieces in its London store from brands including Chanel, Gucci, Ganni and Rixo. It also has a deal with McArthurGlen for a series of outlet pop-ups.
Johnstone believes that what sets Sign of the Times apart from its competitors is the buying and selling experience.
On the site, clothing is shown on live models. Depending on the price point, some of the items even come with their own video so that potential buyers can see how the clothes fit and move.
Sign of the Times also offers sameday collection and delivery in London. Johnstone said her aim is to make the process as easy as possible for buyers, sellers, and businesses alike.