Luxe Collective co-founder and CEO Ben Gallagher introduced the closure on social media platform Instagram.
Gallagher, who began Luxe Collective aged 18 together with his older brother Joe, partially attributed the choice to shutter the enterprise to operational challenges after the enterprise misplaced £500,000 price of pre-owned luxurious product in a warehouse theft in July 2024.
“The break-in not solely affected my the monetary state of the corporate but additionally took such an emotional and psychological toll on me and my brother which in the end affected my management and strategic decision-making,” he stated within the assertion revealed this afternoon (8 Could).
The enterprise rose to nationwide prominence in January 2024, when it secured a £100,000 funding from Dragons’ Den “dragon” and Diary of a CEO podcast host Steven Bartlett in alternate for a 3% fairness stake.
It additionally partnered with TikTok Store to create a second-hand luxurious trend class on the video-sharing platform.
