The Handbag Clinic, a leading luxury leather goods restoration and resale specialist, has secured a substantial capital injection to accelerate its growth in the UK and internationally. The funding, led by The North East Venture Fund (NEVF) with support from the European Regional Development Fund and managed by Mercia Ventures, aims to drive technological advancements in the company’s e-commerce platform. The NEVF, a repeat investor, underscores confidence in The Handbag Clinic’s potential, with additional participation from a private investor.
With a 25-year history, The Handbag Clinic has experienced remarkable growth, nearly doubling its turnover from £1.6 million to a projected £3 million in the current fiscal year. Over the past 12 months, monthly e-commerce revenues have doubled to an impressive £325,000. Notable increases include a 53% rise in e-commerce traffic and a substantial 97% growth in e-commerce gross revenue. As the longest-standing luxury aftercare and resale retailer in the UK, the company has successfully diversified its offerings to include shoes and leather clothing.
A standout feature of The Handbag Clinic is its commitment to circular fashion. Serving as the only fully circular platform addressing end-of-life issues, the company’s unique approach combines restoration, authentication, and resale, contributing directly to a sustainable and circular fashion ecosystem.
In addition to the funding boost, The Handbag Clinic has enhanced its leadership team with the appointment of Tracy Lewis as Chair. A seasoned entrepreneur with over 35 years of global brand experience, Lewis brings a wealth of expertise in driving growth and successful business exits. Her background spans the fashion, beauty, consumer, and retail sectors, making her a valuable addition to the board.
Will Chalk, formerly associated with Alphagenix, Mococo, and Noggin HQ, joins as the new Chief Technical Officer, adding technical prowess to further elevate the company’s capabilities. John Cunningham, former Aftersales Manager for Chanel, takes on the role of Customer Service & Operations Manager, leveraging his extensive experience to enhance customer service operations.
The Handbag Clinic, positioned for global leadership in pre-loved luxury handbags, aligns with the sustainability trend in the luxury fashion sector. Ian Wilson of Mercia Ventures emphasizes the company’s growth in tandem with the expanding resale market. With a current team of 55 and plans to add 10 more roles next year, The Handbag Clinic is poised to become a leading global authority for pre-loved handbags.
CEO and co-founder Charlotte Staerck expresses enthusiasm about the future, stating that the capital injection and the addition of Tracy, Will, and John to the board will propel the business to new heights.
