Monogram, the luxury second-hand product specialist, has secured nearly €3 million in its first round of financing. The funds were provided by HWA, a family office, and four other business angels. Founded in 2015 under the name ByLuxe, Monogram rebranded in 2021 to better align with its mission of selling high-end and luxury second-hand products.

Rather than selling the company, Monogram’s founder, Beverly Sonego, decided to raise funds to support its growth ambitions. While they received offers from industrialists looking to acquire the company, Sonego believed it was too early to sell. The financing round progressed quickly, and partners were identified by December.

During the fundraising process, Sonego, along with General Manager Cécile Maudy and Operational Manager Ornella Perez, presented Monogram’s ambitions to potential investors. This presentation caught the interest of William Ayache, the director of Dental Monitoring, who invested €2 million in the company alongside HWA. Four other business angels, with expertise in entrepreneurship and technology, also contributed nearly €1 million to support Monogram’s development projects.

Monogram has outlined three areas for acceleration: recruitment, technology, and international expansion. The company plans to hire approximately fifteen new employees as it relocates to larger premises in Levallois-Perret. They have already filled positions for a marketing director and a technical director, and a human resources manager is expected to join soon.

In terms of technology, Monogram aims to transition from a physical business model to a more tech-based “phygital” approach. This includes improving the user experience on their website, enhancing CRM tools, and further developing their online product authentication tools. There are also plans to explore enhancements to their pricing tools, content management system, and the potential launch of a dedicated application.

Expanding their presence outside of France is another key focus for Monogram. The company opened its first shop on Avenue Victor Hugo in Paris last year and currently has a presence in Galeries Lafayette Haussmann. They have also established spaces in other locations, such as the boutique of Maison Russe and a kiosk in La Vallée Village brand village. Monogram intends to open more pop-up stores in London, Milan, and Barcelona, and is considering permanent points of sale in Morocco, Israel, and Dubai by 2024. They also have plans to strengthen their presence in neighboring markets like Luxembourg, Switzerland, and Germany.

Monogram is anticipating significant growth starting in 2023. With a reported turnover of €9.5 million last year, the company is targeting €15 million in revenue for this year. Achieving this goal will be supported by their investments, project realizations, and financial partners.

The successful fundraising round is a significant milestone for Monogram. The company conducted an in-depth analysis of its performance indicators and customer experience, implementing internal changes to ensure effective management while preserving Monogram’s caring identity. This funding will pave the way for double-digit growth in the months ahead as Monogram continues to expand its presence in the luxury second-hand market.

Useful links:
1. Monogram Official Website
2. Vogue: The Best Designer Consignment Stores