The founder of Monogram Paris, Beverly Sonego, has announced that she has raised nearly €3 million in funding from HWA Family Office, a financial services company, as well as several business angels. This will accelerate the development of this luxury goods resale platform and better promote the circular economy.
This first round of financing for Monogram Paris was carried out with HWA Family Office, owned by William Ayache, director of Dental Monitoring – a company that digitizes access to dental care – as well as four business angels from the worlds of tech, luxury, and e-commerce. Dental Monitoring invests 2 million euros while the group of business angels brings the equivalent of 1 million euros in total.
A 360° development
In a statement, Beverly Sonego explains that this fundraising aims to accelerate “its development, strengthen its tech via artificial intelligence, a personalized experience and continue to develop phygital, its strategic axis, to promote a more sustainable and circular fashion industry.”
The entrepreneur notes three priority areas of acceleration for her luxury goods resale platform.
First, it is to recruit about 15 talents, which will add to the 40 or so employees who currently make up the company. This increase in staff goes hand in hand with an imminent move to new premises in Levallois-Perret (Hauts de Seine).
The second point is to improve the technical infrastructure. Having already proceeded to the digitalization of its original physical model, the company will be able to focus more on the development of the user experience (UX) on the website as well as its CRM coupled with the launch of new authentication tools.
Finally, Monogram Paris wants to expand into markets other than France, particularly the Benelux countries (Belgium, the Netherlands, and Luxembourg) and the Middle East. To this end, it intends to rely on its partnerships with distributors with a proven international presence, such as Galeries Lafayette (pop-up store in the Paris Haussmann department store) and Value Retail (La Vallée Village).
Last spring, Monogram Paris opened pop-up stores in the United States (New York and Los Angeles).
A key French player
Founded in 2015 – under the name Byluxe – by Beverly Sonego, the Monogram platform has established itself as the French forerunner of luxury secondhand. Its strategy is based on an eco-responsible circular model and a committed community. It is also a sharp offer, an experience, and know-how inspired by the greatest luxury houses.
Its name change to Monogram Paris was made official in 2021 when the platform had just reached 120,000 unique visitors per month on its website. Its founder said at the time, “New logo, new graphics … Chicer, more current, the codes change. But the spirit remains, between a sharp selection and a sense of edgy style”.
At that time, Monogram’s stock was composed of 3,000 items via 800 pieces deposited each month, of which 30% were firm purchases made by the site.
Monogram Paris now benefits from a phygital distribution. In addition to its e-commerce site, the platform opened its first physical flagship in December 2022.
This 160 square meter sales space, designed as a concept store, has been set up in the Parisian Golden Triangle (Paris 16th). It features a selection of exclusive products, mixing rare vintage pieces and IT bags from major brands like Chanel, Hermès, and Louis Vuitton. Monogram is also present in Maison Russe, a high-end restaurant in the 16th arrondissement.
A booming market
Since its creation, Monogram has sought to “make the luxury market accessible to the greatest number of people”, in other words, exactly the credo of buying second-hand products. A niche on which the platform has positioned itself alongside Vestiaire Collective or Collector Square.
This market was estimated at 7 billion euros in France in 2020, including one billion in fashion. According to a study conducted by Adot and CMI Media, the interest in this market is most alive among women aged between 18 and 34. Moreover, according to a study by the Boston Consulting Group, 70% of second-hand buyers make their first luxury purchase through a vintage product.
Bain & Company estimated its value at 28 billion euros in 2020, four times faster than the growth of new products.
And with environmental considerations becoming increasingly important to consumers and a budget constrained by inflation, it is expected to reach 60 billion euros by 2025, according to a 2020 study by the Boston Consulting Group.
“The potential is infinite. Product circularity has become a central issue in the fashion and luxury market. We have acquired expertise and deep knowledge of our customers, depositors, and their needs over the past 10 years that will allow us to go faster and develop on a double market: always strengthen our sourcing and conquer new markets, “says the founder of Monogram Paris, in a statement.
Read also > Monogram Paris reaches out to the US
Featured photo : © Monogram
