eBay backed resale startup goes under

 

EBay-backed luxury resale startup Cudoni shut down operations suddenly.   The company said it was economically unfeasible to continue running its business despite the growing consumer market for resale. London-based Cudoni shut down after raising £7.5M ($9M) in January from eBay's venture arm and existing investors. EBay hoped the investment would strengthen its position in resale. Despite Cudoni's failure, the secondhand fashion industry continues to grow as clothing brands roll out their own resale platforms. The global apparel resale market reached $182.4B  in 2022 and is expected to grow at a CAGR of over 16% from 2022 to 2026.