Pre-owned luxury goods firm Xupes lands £3m investment
Funding will enable company to invest in its IT infrastructure, bolster its staff and improve its product range
Xupes, a pre-owned luxury e-commerce business, has raised £3m in growth capital from Downing LLP.
Established in 2008 for the resale of high-end watches, art and antiques, today Xupes has expanded into jewellery and handbags and become an accredited Cartier and Omega servicing centre.
In the last three years, the company has grown from 2,000 items in stock and 4,500 members to more than 6,000 items and 11,000 members. It operates a showroom at Wickham Hall in Bishops Stortford with a concierge service to help customers locate specific items.
The investment will be used to improve Xupes IT infrastructure, hire staff and expand its product range.
Joe McKenzie, Xupes co-founder and CEO, commented: “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.
“It is a truly exciting prospect when I think back to where the idea of Xupes came from – a passion for watches and photography during my time at university.”
James Lewis, investment director at 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.”