“A career driven by passion never feels like work.” So says Luxury Promise Founder and CEO Sabrina Sadiq who left her job as a lawyer to pursue a career in second-hand luxury goods.
Luxury Promise is a next generation social commerce platform where people can buy, sell, exchange and repair preloved luxury goods, all meticulously authenticated by Sabrina and her team. “I often say that it’s not what we sell but how we sell that sets us apart,” she says and Luxury Promise certainly backs that up.
Launched in 2017, Luxury Promise has successfully grown a loyal community of fashionistas from all over the world and sets itself apart with its forward-thinking, experiential, omnichannel approach. The company has seen a 5x growth in sales and has also opened a physical boutique in South Molton Street, unlocking a new business milestone for Sabrina and her team.
In this latest edition of Girl Bosses of Great Britain, we catch up with the queen of pre-loved luxury herself and talk all things designer, sustainability, best investment pieces – and how Luxury Promise is democratising the luxury goods industry one designer bag at a time.
Tell us a little bit about yourself and background. What made you start Luxury Promise?
A lawyer by education, my inspiration to create Luxury Promise came from buying my first pre-loved handbag which was a vintage Hermes Kelly and then going on to selling it for double the price. Here I learned that a luxury handbag can really be an investment. It led to me exploring the world of authentication. I then went on to set up a school of authentication, teaching many people how to spot a fake.
Whilst studying authentication, I learnt that the secondary pre-loved market was still very fragmented and that resale platforms were not inclusive. So many markets were still untapped and with a shift of consumer mindset to sustainability, someone had to bring a fresh and diverse approach to second-hand goods. Luxury Promise was created to solve a problem in the industry which was to connect fragmented markets as well as bring back the luxury in second-hand shopping.
In what ways is Luxury Promise democratising luxury?
Luxury Promise is democratising luxury by creating an inclusive & accessible experiential platform for customers from all over the world to buy and sell their preowned luxury goods. By providing an omnichannel shopping experience, we are working to make luxury shopping more accessible to a global audience from largely under-served markets.
As part of our mission to democratise luxury, we are working to level the playing field between audiences from eastern & western markets to ensure that customers from all over the world gain access to their dream bags. Furthermore, we are working to offer luxury goods to a wider audience & attract customer to shop luxury at affordable prices – offering something for everyone, with our range of products starting at just £45.
Sustainability is at the forefront of every fashion conversation these days – what role do companies like Luxury Promise play in the sustainable revolution?
As a luxury resale platform, we are extending the lifecycle of luxury products by giving them a second chance, a second home to be worn & enjoyed. Sustainability is not only a brand effort but a big part of our brand identity. It goes beyond just a mere transaction as we also offer our customers a one year warranty in case, they wish to send in any products for repairs via our in-house repairs service. Our audience of luxury preloved consumers also understands this aspect of our brand identity, wherein more than 65% of our customers choose to plant a tree with every purchase, truly honing our efforts to offset our carbon footprint.
How is Luxury Promise setting itself apart from other resale businesses in the market today?
I often say that it’s not what we sell but how we sell that sets us apart. The global luxury resale market is becoming increasingly saturated & competitive. Luxury Promise can establish its own niche & stand out as a quality brand in this market by focusing on experiential selling, community driven engagement, a curated product range & authentication prowess. As the counterfeit market continues to grow, authentication remains a top priority at Luxury Promise, where we have established a 3 step authentication process. Selling via live shopping allows us to address a global audience and truly build relationships with our community via personality-focused selling.
What have been the biggest challenges and milestones you’ve faced as an entrepreneur?
Every day is a challenge in the life of an entrepreneur, but with this we adapt and learn which for me, is the most exciting part. But I have to say, as it is a career driven by passion it never feels like work!
What has been your favourite second-hand luxury buy – and what makes it so special?
My personal favourite preloved luxury bag must be the Vintage Hermes Kelly. It’s the first luxury bag that I purchased preloved and the reason why I got into this space. It is a great investment purchase and the Hermes craftsmanship is unbeatable. I would consider it to be an heirloom piece – a bag in my collection that I will always cherish with great fondness.
What’s next for you? Any exciting new projects in the pipeline?
It has been an incredible year for Luxury Promise, scaling our business throughout the pandemic and emerging as one of the strongest & largest luxury resale platforms in the UK with the most amazing community. The only way is up. We are consistently scaling our operations and audience & 2022 will be a year to watch!
What advice do you have for aspiring entrepreneurs looking to start their own fashion business?
My advice would be – don’t be scared to fail. I think it is always important to remember that failure is needed to learn to become better. If you want to do something, just go for it. Just love what you do and let your passion drive you. You will then feel like you will never work a day in your life. Take every opportunity you can take to push your business to the next level. Sometimes you must take yourself out of your comfort zone. It is not always smooth sailing and success is never ever easy. It takes times and it is hard work and that hard work never stops.