Resale platform Luxe Collective to shutter
British resale platform Luxe Collective has announced plans to close down its business just seven years into its lifespan. The news comes almost one year after the company faced a break-in at its warehouse, where it was reported that over 500,000 pounds in stock was stolen.
Luxe Collective revealed it was closing down on its official Instagram page, where it stated: 'After a year long fight after we were broken into last year, in which both me and my brother [co-founders Ben and Joe Gallagher, ed.] were doing all we could just to get us through to the next day. We are no longer able to continue.'
The statement continued: 'The last year has been the most painful in my life and to be truly honest, whilst I'm talking to you now, I'm overwhelmed with relief – I've never been so mentally and physically drained, stressed and anxious.' 'We are no longer able to continue'
The Gallagher brothers founded Luxe Collective in 2018 on the basis of offering a re-commerce site for rare and vintage pieces. Its appeal was bolstered when the co-founders appeared on the BBC TV show, Dragon's Den, where they managed to secure a 100,000 pound investment in exchange for a 3 percent equity stake from entrepreneur Steven Bartlett.
In July 2024, however, the company took a significant financial hit when its warehouse was robbed by what was believed to be a professional group that was said to have stolen around 500,000 pounds worth of luxury products, representing about 50 percent of what Luxe Collective owned.
At the time, it was reported that a blind spot had been identified in the company's security. In response, Ben Gallagher said: 'The break in not only affected the financial state of the company but also took such an emotional mental toll on me and my brother, which ultimately affected my leadership and strategic decision-making. I made a decision that, in retrospect, I regret – they were not the right ones. I take 100 percent accountability for this – it's on me.
"The criminals who broke in haven't just ruined the company. They ruined the livelihoods of not just me and my brother, but all the amazing stuff that we've had to make redundant, and who have lost their jobs in the process."
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