Linkilaw has chosen Cudoni as its Startup of the Month! James Harford-Tyrer started Cudoni to adapt the pre-loved luxury goods market to the millennial lifestyle, using algorithmic valuations to maximise sales.
Cudoni has upped the standards for the pre-owned luxury goods market as a fast-paced, streamlined, simplistic and minimalist service. Cudoni is also unique for its commitment to sustainability; one of the things we discussed with James as we learned more about Cudoni. Using Cudoni, you can sell brands such as Chanel, Gucci, Givenchy and even luxury electronics, ranging from Bose to Bang and Olufsen to Apple.
Cudoni isn’t James’ first startup. He’s a serial entrepreneur whose journey toward founding Cudoni started at the age of 12. Around 13 years ago (James is now 25) he started a tame version of Cudoni by selling his parent’s unwanted belongings. Soon enough James’ business expanded to selling his neighbours’ belongings as well. He didn’t stop there. At the age of 16, he won a business competition with a tech company, but as he explains, James “didn’t take [his] entrepreneurial potential seriously at [that] point”. Nevertheless, these were his first steps on the “startup” journey that eventually led to the creation of Cudoni.
All of James’ success is the result of a combination of hard work and creativity. Around his studies in sixth-form, James had a job cleaning nightclubs at 4 o’clock in the morning. Here he worked his way up to the managerial level in a couple of months, managing a chain of bars and nightclubs across Manchester. James then went to university and decided to “go down the finance route” before settling where his heart truly lies, the startup world.
After interning at RBS and trading consumer and retail stock at UBS, he joined the New Entrepreneurs Foundation when he was 22 and became COO of a tech startup backed by Lebara Mobile. Joining Lebara’s portfolio exposed James to a network of other startups across the UK and Europe. During his time with Lebara, he learned a lot and escalated his entrepreneurial drive.
The corporate route was something James enjoyed but he always wanted to lead a creative startup. So that’s where Cudoni comes in. Cudoni was named after Countess Antonella Cudone, a luxury lover and one of the company’s first and most loyal customers.
Cudoni recently closed a round of investment led by multiple high-profile investors, each an expert in their own field, including Giles Brook (CEO of the Vita Coco brand) and Matt Cooper (Founder of Capital One and Chairman of Octopus Investments). Inspired by his initial start, selling from his parents’ garage, James started Cudoni as an alternative tech-driven platform to sell luxury goods in a global market.
Using his experience in tech and in the startup world, James expertly developed Cudoni to ensure that items (on average) would sell for more than 30% of the sales price the average person would receive by selling his or her items themself. This substantial gain is achieved by using algorithmic valuations to compile data about each item using the smallest amount of information possible.
By analysing global trends and using recent information, Cudoni produces a current data projection outlining the expected price an individual will receive for his or her item. The price strategist scrapes information for each brand and category of items to give data using a quick search of the most recent and successfully sold items. The price strategist will view this valuation in light of current trends and the uniqueness of the item to determine the expected price.
The information then gets relayed to the customer in the most convenient way – either by phone or by email. If you think the valuation is too low, Cudoni will set a realistic reserve price to ensure that customers are satisfied with the result and that their items fetch the price they deserve. A Cudoni representative then collects the items at a suitable time and place – it could be from your office, your home or even a coffee shop. Cudoni will then fill in the logistical steps in between, including the authentication and photography to show your luxury item at its best.
Cudoni will then list the item across a number of online and offline platforms, exposing your items to millions of potential buyers worldwide. As of now, half of their items are sold internationally. All you need to do is provide the luxury item! Cudoni is streamlined and simplistic. Time remains a luxury for those with busy lifestyles wanting to declutter their wardrobes and homes.
Whilst other competitors will try charging a starting fee to list your item, Cudoni reaps its rewards through a commission based system, which is more rewarding for everyone involved. Cudoni is on “completely the same page” as its customers in wanting the highest price possible; according to James, “a disappointing result for the customer is a disappointing result for us.” It is in Cudoni’s interest to make the process as streamlined and rewarding as possible because customer satisfaction and word-of-mouth recommendations have driven their client base and popularity.
There’s also an important focus on the environment to encourage sustainability and recycling. Using a global market approach, there’s no concern for the ‘seasonality’ of an item because an item might not be popular in the UK, but might attract attention on an international stage. This way, high quality items meant to last a lifetime do just that and change hands multiple times to celebrate the luxury quality workmanship.
Driving sustainability on the startup scene is just one of the many ways Cudoni has modernised the market and responded to changes in the lifestyles of those involved. Like Linkilaw, Cudoni loves using social media to understand their market and demographic. With a strong social media presence and use of algorithmic technology to drive sales, Cudoni has embraced a modern approach to a startup journey that we’re excited to be a part of.
I tried Cudoni for myself, to see whether its uniqueness translates into results. The website is streamlined and easy to use. Cudoni’s representatives are responsive and give you the information you need about your item’s potential to sell. There really is a focus on adapting to their users’ busy lifestyles by making the process convenient and streamlined for the customer. There are so many platforms to use for selling your unwanted items. But no platform is as technologically advanced and sympathetic to consumer concerns as Cudoni.
I could sell my item without the hassle and time consumption of selling it myself, thanks to James and Cudoni.
What do you think of this month’s startup?
You can find out more about Cudoni and how to get involved here. Cudoni is always hiring! Find out more here by contacting them at Info@Cudoni.com.